The Bank of Namibia has started stocking the Chinese currency, the renminbi, as part of its reserve currencies. The renminbi (RMB) is the official currency of the People’s Republic of China, and one of the world’s major reserve currencies. The yuan is the basic unit of the renminbi but is also used to refer to the Chinese currency generally. The Bank says this is to boost and diversify the country’s foreign reserves. Bank of Namibia started reserving the RMB about a year ago, alongside the US dollar, euro, pound and the rand.