Dollar hits new low on back of Chinese comments

Sterling and the euro reached record highs against the dollar on Wednesday after a senior Chinese official said the government should diversify its foreign exchange reserves by swapping dollars for stronger currencies.

Cheng Siwei, the vice chairman of the standing committee of the National People's Congress, said on Wednesday: "We should take advantage of the appreciation of strong currencies to offset the depreciation of weak currencies."

The euro reached $1.47 on Wednesday, an all-time hig

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