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Gold/Mining/Energy : Gold Price Monitor

GDXJ 90.47

+0.5%

4:00 PM EST

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To: Alex who wrote (23346)	11/24/1998 7:46:00 PM
From: goldsnow	Read Replies (3) of 116752

China advised to cut forex holdings in US$: report CHINA should cut its holdings of US dollar-denominated foreign exchange to hedge against a possible fall in the dollar, the China Reform News said yesterday. "China should make use of an opportunity provided by the launching of the euro to adjust foreign exchange reserves and foreign debts to disperse risks," the newspaper quoted Zhou Shijian, an expert on Sino-US trade, as saying. Mr Zhou is vice-president of the Chinese Chamber of Commerce of Metals and Minerals and Chemicals Importers and Exporters. Some 65 per cent of China's foreign exchange reserves -- totalling US$143.7 billion (S$234.6 billion) as at end-October -- are held in dollars, and most of its trade settlements are conducted in the currency, Mr Zhou said. He cited rising trade deficits, dependence on foreign investment and other "bubble elements" in the US economy as factors that could spark a fall in the greenback in the future. Other economists predicted the introduction of the new single European currency and a rebounding Japanese yen could lead to a weaker dollar, the newspaper said. -- Reuters business-times.asia1.com.sg

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