We can't say substitution, we can only say that the RMB has appreciated. According to foreign media reports, the European Central Bank said on Tuesday that it has converted its foreign exchange reserves worth 500 million euros (about 560 million US dollars) from US dollars to RMB, which is the first time that the bank has increased RMB in its foreign exchange reserves. The European Central Bank said in a statement that the move reflected the rising status of the RMB as an international currency and the increasing importance of China as one of the largest trading partners of the euro zone.

Before the Fed raised interest rates, on June 13, the European Central Bank suddenly announced that it would increase its holdings of RMB worth 500 million euros as foreign exchange reserves. This is the first time that the European Central Bank holds RMB foreign exchange reserves. The decision of the European Central Bank to increase its holdings of RMB dates back to 65438+1October 20th at the earliest. Although I have made a decision long ago, I have never found a suitable opportunity.

At present, the overall size of the European Central Bank's foreign exchange reserves remains unchanged at 68 billion euros. In order to buy RMB assets equivalent to 500 million euros, the European Central Bank sold US dollar assets equivalent. Judging from the exchange rate, the central parity of RMB against the US dollar has appreciated by 2% this year. Especially in June and May this year, the RMB appreciated sharply.

EU: The European Union, referred to as EU for short, developed from the European Community (also known as the European market). The European Union is the most powerful international organization and the largest economic entity in the world. It is close to a unified federal country in trade, agriculture and finance, but it is similar to the alliance of independent countries in other aspects such as internal affairs, national defense and diplomacy.