Chinese official calls for cut in debt holding

China should stop buying U.S. Treasuries and take measures to reduce its holdings in those bonds, a Hong Kong newspaper on Tuesday 4 April quoted a high-ranking Chinese official as saying.

China should instead increase imports from the United States, said Cheng Siwei, a vice chairman of China's parliament, the National People's Congress, the Wen Wei Po reported.

Currency traders said the report caused some players to sell the U.S. dollar, prompting the currency to pull back from earlier gains.