Monday, November 24, 2008

China may raise greenback holdings

WHAT China can do for the world is not to sell out its massive United States dollar reserves, but slightly increase its holdings of the currency to give reasonable support to the US effort to save its economy, said a senior economist on Saturday.

It is indeed difficult for China to handle its huge foreign exchange reserves, as the dollar has already depreciated 20 percent against the yuan, Cheng Siwei, a renowned economist, said at a financial forum held in Guangdong Province. China held US$1.9 trillion worth of forex reserves by September.

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