Ex-Fed's Wyss says Asia should diversify reserves

Asian central banks need to diversify their foreign reserves but in doing so, they should allow the local currencies to appreciate against the dollar, a former US presidential economic adviser and Federal Reserve governor said Thursday 3 March.

"I think the central banks in Asia need to diversify away from the dollar, but you can only do that if you allow your currency to float up more against the dollar," said David Wyss, chief economist at Standard & Poor's, senior economist on the President