China last week cut the weighting of the US dollar in a basket of foreign currencies used to determine the strength of the yuan. Photo: Reuters
China pledges ‘prudence’ in diversifying its foreign exchange reserves in 2020 as global risks rise
- China will carefully push ahead with diversification of its US$3.1 trillion foreign exchange reserve holdings, says the State Administration of Foreign Exchange
- The regulator says it will improve its management of reserves ‘with Chinese characteristics’, but has not elaborated on what that means
China last week cut the weighting of the US dollar in a basket of foreign currencies used to determine the strength of the yuan. Photo: Reuters
