PBOC advisor plays down dollar risk to reserves

- Central Banking staff
- 01 Nov 2006

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A senior People's Bank of China advisor has tried to calm fears over risks posed to the country's huge stock of dollar reserves by a slide in the value of the US currency.

Fan Gang, a Beijing-based economist who became the only non-government representative on the central bank's monetary policy committee in September, told a seminar that the present yuan exchange rate regime will help reduce the effects of any dollar losses.

Fan said that China's foreign exchange reserve accumulation is "a problem

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