Euro boost from Chinese portfolio shift short-lived
MARKET NEWS
BEIJING -- The euro gained an unlikely ally last week as the Chinese central bank said it would increase its portfolio of euro FX reserves.
An official at the People’s Bank of China (PBoC) said it would shift around 10% of its massive reserves into euros in the coming month.
Although current figures for the bank’s reserves are not available, analysts estimate that the world’s most populous country holds around E225 billion ($254 billion). By that reckoning, China could be about to purchase more
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