SWFs more likely to diversify than central banks

Sovereign wealth funds are much more aggressive in diversifying foreign exchange assets than central banks, says Mansoor Mohi-uddin, the managing director of foreign exchange stategy at UBS, a leading investment bank.

Speaking at FX Week's European conference on Tuesday, Mohi-uddin said that sovereign wealth funds tend to hold a larger proportion of their assets in non-dollar currencies in comparison with central banks, where 70% of foreign exchange reserves are dollar holdings.

But, Mohi-uddin

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