China's Yu says coordinate foreign reserve policy

Yu Yongding, a former adviser to the People's Bank of China, said on Friday 26 January that officials should coordinate foreign reserve policy with other Asian central banks to prevent volatility in currency markets.

"We don't want to see this sort of thing happen," Yu, who is a member of the Chinese Academy of Social Sciences, told reporters in Davos, Switzerland. Coordination of any foreign exchange diversification ``is very important'' otherwise other central banks might be ``panicked'' by

To continue reading...