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

To: RealMuLan who wrote (3788)	11/26/2004 12:48:30 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China cuts U.S. Treasury holdings on dollar drop-report By CBS MarketWatch Last Updated: 11/25/2004 11:44:00 PM TOKYO (CBS.MW) -- China has cut the size of its U.S. Treasury bond holdings in its foreign exchange reserves to $180 billion to avoid losses from a weakening dollar, according to a published report. A report in the Shanghai-based China Business News cited Yu Yongding, a member of the monetary policy committee under the central bank, according to AFX-Asia. The report did not say how much of a reduction in Treasury debt the cut represented. The central bank normally does not disclose the composition of its foreign exchange holdings. Yu, speaking at a seminar given at Shanghai University of Finance & Economics, was quoted as saying that China has cut the portion of U.S. dollar-denominated assets as part of its foreign exchange reserves. He said this was largely a reduction in Treasury debt. The report quoted an unidentified source as saying that U.S. dollar-denominated assets have in the past accounted for about 80 percent of China's foreign exchange reserves. Most of the U.S. dollar assets were Treasury bonds or bills. China's foreign exchange reserves stood at $514.5 billion at the end of September. © 1997-2004 MarketWatch.com, Inc. investors.com