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The International Monetary Fund (IMF) has expanded its currency range, separately listing holdings in RMB in its Currency Composition of Foreign Exchange Reserves or COFER for the first time on Friday.
There are now eight currencies distinguished in COFER reports, namely the US dollar, the Euro, Chinese RMB, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and Swiss franc. All other currencies are included in the category "other currencies."
The separate identification followed the IMF's inclusion of the RMB in the Special Drawing Right basket of currencies last year, another step forward for the internationalization o f the RMB.
