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Dollar Index at 1-Month Low as China Warns on US Assets

Reuters [1]
June 7, 2011

The dollar fell to a one-month low against a basket of currencies on Tuesday and a record low against the Swiss franc after a Chinese official said the greenback would continue to weaken versus other major currencies.

The head of the international payment department at the Chinese forex regulator also warned about the risks of excessive holdings of U.S. dollars.

The dollar index fell to a low of 73.601, the lowest since May 5, while the greenback fell to 0.8328 Swiss francs on trading platform EBS a record low.

“China has been growing its share of U.S. securities quite aggressively in the past, and the threat that they will be selling these holdings has always been there,” said Adam Myers, senior forex strategist at Credit Agricole.

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