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Meanwhile, more than 60 central banks are showing strong interest in increasing their foreign reserves in the Chinese yuan and diversifying away from the US dollar. In June 2017 the European Central Bank for the first time switched 500 million euros (US$564.78 million) of its foreign exchange reserves from US dollars to yuan. According to the International Monetary Fund (IMF), during the third quarter of 2018 holdings of yuan assets by global central banks increased to US$192.54 billion, 1.8 per cent of all reserves.