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Cabo Verde mulls keeping foreign reserves in renminbi

Governor João Serra of the Cabo Verdean central bank has said his bank is considering keeping some of its foreign reserves in the Chinese currency and in gold, Lusa reports.

The Portuguese news agency quotes Mr Serra as saying the renminbi gives better returns than other currencies such as the euro and the US dollar.

Mr Serra said keeping assets in renminbi would preserve the reputation his bank has for investing conservatively, because China now had one of the largest economies in the world.

Mr Serra was speaking at a conference of central bankers of the Portuguese Language Countries held in the Cabo Verdean capital, Praia, Lusa says.