Pressure on Asia to shift reserves

Asian central banks may have to shift up to $500 billion in reserves from dollars to euros and yen or risk foregoing $28 billion a year in potential revenue, according to a report published by Goldman Sachs Group.

"Without further foreign exchange diversification, Asian central banks will continue to be heavily overweight dollar assets which are expected to underperform significantly according to consensus expectations," Thomas Stolper, an economist at Goldman Sachs, wrote in the report.

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