Central Banks Seen Buying More Gold, Yen, Renminbi to Diversify

Central banks are increasing purchases of gold, yen and China’s renminbi to reduce their dollar and euro holdings as a percentage of total reserves, the World Gold Council said.

Official holdings increased to more than $12 trillion in 2012 from $2 trillion in 2000, while the share of gold and currencies apart from the greenback tripled in absolute terms since 2008, the London-based council said today in a report. The group is funded by gold producers.