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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: westpacific who wrote (82366)	6/3/2007 7:02:31 AM
From: Haim R. Branisteanu	Read Replies (1) of 110194

03 Jun 2007 10:58 GMT PBoC official says euro proportion in China's forex reserves to go up - report BEIJING (XFN-ASIA) - The proportion of euro holdings in China's forex reserves will go up, though this would not mean that China will cut US dollar-denominated assets, the Beijing Times quoted People's Bank of China's (PBoC's) deputy governor Wu Xiaoling as telling a conference last week in Brussels . Wu's words make it relatively apparent that the central bank intends to diversify its forex holdings, the newspaper said. China's forex reserves now stand at more than 1.2 trln usd, of which at least 70 pct is believed to be parked in US dollars. The Beijing Times cited analysts as saying that the PBoC is likely to take in more euros to the reserves being added rather than selling off existing US dollar assets.

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