RBA Says Yuan IMF Win Won't Cannibalize Aussie in World Reserves
- Debelle says Aussie not being held as substitute for yuan
- No evidence of `behavioral change' by funds holding Aussie
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Australia’s central bank said its currency’s place as a global store of value will be safe after the yuan enters International Monetary Fund reserves.
The Aussie isn’t being held as a substitute for the yuan and the renminbi’s inclusion won’t hurt flows into Australian debt “any time soon,” Guy Debelle, assistant governor at the Reserve Bank of Australia, said on Wednesday at the Bloomberg Summit in Sydney. The local dollar makes up 1.9 percent of the $6.7 trillion in the reserves of global managers who disclose details on their holdings. Debelle said the move into the Aussie was a way of shifting away from Group of Three currencies -- the U.S. dollar, the euro and
the yen.