China is reporting data on its official reserves to the International Monetary Fund (IMF) for the first time in an effort to provide more transparency as it pushes to have the yuan recognized as a reserve currency.
China is one of 96 countries that have agreed to identify themselves as contributors to the IMF's quarterly data on the currency composition of official foreign-exchange reserves, known as Cofer. The fund still won't disclose the official reserves of individual countries.
Total foreign-exchange reserves were US$11.5 trillion in the second quarter, up from $11.4 trillion in the previous quarter, the IMF reported Wednesday. The U.S. dollar accounted for 63.8 percent of total allocated reserves, compared with 64.1 percent in Q1.
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