SWFs scaling back dollar holdings, says FT

Sovereign wealth funds are reducing their dollar holdings, the Financial Times has reported.

The newspaper reports that the large fund based in the Gulf has cut its dollar denominated holdings from more than 80% of the portfolio to less than 60% in the past 12 months.

China's State Administration of Foreign Exchange is also pursuing deals with European private equity firms in a bid to reduce its dollar holdings.

Sovereign wealth funds hold assets worth an estimated $3.5 trillion.

The dollar was

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