China ranks US Dlr as No 1 component of reserves

CHINA - People's Bank of China Governor Dai Xianglong on Tuesday ranked U.S. dollars as the major component of the country's foreign reserves, ahead of the euro and yen.

Speaking at a news conference, Dai declined to provide a specific breakdown of the country's foreign reserves. But he said the euro ranks number two in the composition ahead of the yen which is at number three.

China's foreign reserves grew to $212.2 billion at the end of December 2001, up from $165.5 billion at the end of Dece