(Bloomberg) -- China, with a record $1.2 trillion
of foreign-exchange reserves, will keep the ``bulk'' of its U.S.
dollar holdings because the currency is one of safest investment
options, a People's Bank of China assistant governor said.
The dollar remains ``important'' because trade and foreign
direct investment is conducted mostly in the currency, Yi Gang
told delegates at a meeting that was closed to the media at the
World Economic Forum in Singapore. Asian central banks will
continue to hold most of their reserves in dollars, he said.
Read more at Bloomberg Currencies News
of foreign-exchange reserves, will keep the ``bulk'' of its U.S.
dollar holdings because the currency is one of safest investment
options, a People's Bank of China assistant governor said.
The dollar remains ``important'' because trade and foreign
direct investment is conducted mostly in the currency, Yi Gang
told delegates at a meeting that was closed to the media at the
World Economic Forum in Singapore. Asian central banks will
continue to hold most of their reserves in dollars, he said.
Read more at Bloomberg Currencies News
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