RBA adds the Korean won to reserve portfolio
Australian central bank continues to unload euro holdings while introducing seventh reserve currency
The Reserve Bank of Australia (RBA) has added the Korean won to its reserve portfolio for the first time, while cutting its euro allocation by 20%.
The central bank has invested 5% of its reserve assets in the won, making it the seventh currency to be added to its $43.7 billion portfolio.
"This investment will further diversify the [central] bank's foreign currency reserves," said the RBA on March 2.
The move follows the central bank's decision last year to expand its renminbi holdings from 3%
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