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Namibia’s Central Bank to Stock 10% of Reserves in Chinese Yuan

Namibia will keep at least 10 percent of its foreign-currency reserves in Chinese yuan in response to growing trade with the Asian economy.

“We are creating a small portfolio of reserves in Chinese currency,” Central Bank Governor Ipumbu Shiimi told reporters today in Windhoek, the capital. “We import a lot products from China and our debt is denominated in Chinese currency. We want to hedge against currency risks.”