Bundesbank has not yet purchased any Chinese yuan

FRANKFURT: Germany's central bank plans to hold some of its reserves in Chinese currency but no investment has been made and any transaction will be preceded by further preparatory work, a Bundesbank spokeswoman told Reuters.

The decision to place some reserves in yuan, also known as renminbi, was made in the summer of 2017, the spokeswoman added.

The comments come after Bundesbank board member Andreas Dombret unexpectedly announced on Monday that the Bundesbank would include the yuan in its reserves.

The European Central Bank already converted 500 million euros worth of its US dollar reserves into yuan last year but national central banks under the ECB made independent decisions on the composition of their reserves.