BSP could increase renminbi holdings

The Bangko Sentral ng Pilipinas (BSP) is considering whether or not to increase its holdings of China’s renminbi especially now that the International Monetary Fund (IMF) has recommended its being classified as a global reserve currency.

Central bank Governor Amando Tetangco Jr. on Wednesday said the option was being reviewed given efforts to diversify the foreign currency composition of the country’s reserves and also increase foreign exchange yields.