GERMANY ADDS YUAN TO CURRENCY RESERVES

Germany's central bank has said that it will include's China's Yuan in its reserves, giving another  boost to Beijing's  drive to  internationalise the currency and helping send the  unit  to two years high.

The Bundesbank said its board had decided in July to invest in Renminbi, as it is also known. to take account of its growing importance globally, though it did not say when it would begin to include it or how much it would purchase.

''The decision to  accept the renminbi is a part of long-term diversification strategy and reflects the growing role of the Chinese currency in the World's financial system,'' Bundesban board member Joachim Wuermmeling told AFP.

The German central bank regularly reviews the composition of its currency reserves ''by weighing risks and benefits,'' Weurmeling said.

In addition to Dollars and Yen, [the bank] has invested in Australian dollars since 2013 and seeks to invest in other currencies.''

THE move comes after the European Central Bank in June converted 500 million euros worth of dollar reserve into yuan

China was Germany's top-trade partner in 2016, ranking first in the European's country's imports and fourth as an export destination.