Report says share of China's dollar reserves fell

Investment bank Lehman Brothers said in a report this week that China reduced the share of its foreign reserves held in US dollar assets last year.

China has the world's second-largest foreign currency reserves after Japan, with the equivalent of nearly US$610 billion (A€470 billion) at the end of 2004. That rose by US$209.9 billion (A€161.5 billion) last year, driven in part by a surging trade surplus.

Even as the reserves grew, the share of dollar assets held by China's central bank fell to 7

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