China adds other currencies to reserves

Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), said in an article carried in the latest issue of the Emerging Markets magazine that China has cut the proportion of US dollars assets in its foreign exchange reserve in recent years.

Hu was quoted as saying that China does not need to carry out a big adjustment of its foreign exchange reserve and that part of the reserves had been converted to currencies such as the South Korean won.

Hu, also vice-governor of the People'

To continue reading...