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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2743)	3/10/2004 4:26:00 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China sees no need to change forex reserves mix -paper Reuters, 03.10.04, 4:34 AM ET BEIJING, March 10 (Reuters) - China's foreign exchange chief sees no need to adjust the mix of currencies in the country's huge foreign reserves, a financial newspaper said on Wednesday. "If you change when exchange rates change, you must pay a transaction fee when you sell and pay another transaction fee when you buy back," the International Finance News quoted Guo Shuqing, head of the State Administration of Foreign Exchange control, as saying. "(Our) foreign exchange reserves do not need this kind of adjustment," Guo was quoted as saying in the newspaper, which is published by the Communist Party mouthpiece People's Daily. A spokeswoman with the forex administration declined to comment. China has closely guarded the make-up of its forex reserves, which hit almost $416 billion at the end of January, but it is believed to be dominated by dollar-denominated assets. Copyright 2004, Reuters News Service forbes.com