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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: LLCF who wrote (47408)2/27/2006 12:32:57 PM
From: mishedlo  Read Replies (1) of 116555
 
Talk of China selling dollar reserves a misunderstanding - PBOC official
Monday, February 27, 2006 9:48:33 AM
afxpress.com

BEIJING (AFX) - China is moving toward diversifying its reserves, but those who expect such a change to be quick are misunderstanding the process, the director of the People's Bank of China's research department said

"It will take time to do so. It's a process. Every investor wants to optimize his own portfolio or investment structure but that doesn't mean that the portfolio will change overnight," said Tang Xu, replying to questions at a banking conference

Tang said it is right that China looks for ways to increase returns on its reserves. "Of course it's good. It's a trend. We will seek to maxmize the value of assets while minimize the risk." But he said those in the markets who have taken such plans as meaning a sudden sale of China's US assets are wrong

"Some say China will sell its US dollar assets but I think this is a misunderstanding." Tang also said another Plaza Accord, which saw Japan, the US and Europe agreeing to help the dollar weaken, is not the way to go for China

"We often say we can't follow this original road to go in the wrong direction," he said.
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