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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (24121)2/22/2005 11:57:44 PM
From: mishedlo  Read Replies (1) of 116555
 
Bank of Korea denies plan to reduce dollar role in reserves -
Wednesday, February 23, 2005 1:57:09 AM
afxpress.com

(Updating with won/dollar rate and South Korea's forex reserve)
SEOUL (AFX) - The Bank of Korea denied market speculation that the central bank plans to sell its dollar-denominated assets to invest in other international currencies. "The reported rumour of our selling the US unit is untrue," the bank said in a statement

"We just plan to diversify the investment of foreign exchange reserves into non-state bonds, and this does not mean we will sell the dollar holdings to convert into other international currencies," it said

It added that the bank will not change the currency composition of its foreign exchange reserves in line with short-term market factors. The Wall Street Journal, the International Herald Tribune and other international media carried reports linking the dollar's fall on foreign exchange markets to plans by the Bank of Korea to step up its purchases of securities denominated in other currencies

The won strengthened against the dollar again today after hitting an eight-year high yesterday at the close of 1,006. At 10:18 am today, the won traded at 1,003. As of Feb 15, South Korea held foreign exchange reserves of 200.25 bln usd, making it the world's fourth largest after Japan, China and Taiwan. A considerable portion of the reserves has been invested in US treasuries.
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