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China Expert Urges FX Reserves Shift; Dollar Falls

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Monday, Oct 26th, 2009

The dollar should remain the principal currency in China’s $2.27 trillion stockpile of foreign exchange reserves, but the share of the euro and yen should increase, according to an opinion piece in Monday’s Financial News, a paper published by the People’s Bank of China.

The dollar fell to a 14-month low as word of the report spread before recouping some of its losses after the author, Zhou Hai, told Reuters he was only expressing a personal opinion.

“It is purely my personal view,” Zhou, a division chief with the financial research department of the central bank’s branch in Harbin, capital of the northeastern province of Heilongjiang.

Other researchers have expressed similar views to Zhou, whose piece appeared on the “Theoretics Weekly” page of the paper.

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This article was posted: Monday, October 26, 2009 at 4:56 am

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