Israel adds Chinese yuan to reserves ...News

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Israel adds Chinese yuan to reserves
Central bank reshuffles forex holdings, reducing dollar and euro exposure The central bank of Israel said it is diversifying the country’s foreign exchange holdings by adding the Chinese yuan alongside three other currencies, while slashing the share of the dollar and the euro. In addition to the yuan, the regulator said it will also add the Canadian and Australian dollars as Israel is seeking to diversify the reserve allocations and “lengthen its investment horizon.” “We need to look at the need to earn a return on the reserves that will cover the costs of the liability,” Deputy Governor of the Bank of Israel, An

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