Israel’s central bank cuts dollar and euro reserves, adds yuan

Ramesh Nair
It was little noticed yesterday when Bloomberg reported that “Israel’s central bank has made the biggest changes to its allocation of reserves in over a decade, adding the Chinese yuan alongside three other currencies to a stockpile that last year exceeded $200 billion for the first time ever.”
The report read:

Starting this year, the currency mix will expand from the trio of the U.S. dollar, the euro and the British pound to include the Canadian and Australian dollars as well as the yen and the yuan, which is also known as the renminbi. The additions mark a change in the Bank of Israel’s “whole investment guidelines and philosophy,” Deputy Governor Andrew Abir said in an interview.

Following discussions held by the monetary committee last year, the pound and the yen will account for 5% and the currencies of Canada and Australia will have 3.5% each.

... To accommodate the changes, the euro’s share will fall to 20% -- the lowest in at least a decade -- from just over 30%, while the dollar will account for 61%, down from 66.5%. The pound’s weighting, by contrast, will almost double to 5%, returning to a level last seen in 2011. ...

https://www.zerohedge.com/markets/israel-dumps-dollar-chinas-renminbi

Ramesh Nair the basket of currencies is growing. Hard to ignore this simple fact. Although most media seems to deliberately stick their head in the sand on this topic. Ignoring it won't make it go away.