Central banks increase FX holdings
NEWS
The deputy head of China's Central Policy Research Office has said China should invest its huge FX reserves in energy resource stocks. But central bank dollar holdings remained stable, according to the IMF figures. The dollar's share of FX reserves rose 0.1% for the year to the end of 2004 due to an increase in physical holdings and despite its falling value.
Adam Myers, FX strategist for UBS in London, said any move by the Chinese authorities would be gradual. "As the world's second largest
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