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The vice chairman of the Standing Committee of China’s National People’s Congress, Cheng Siwei, upset global financial markets Nov. 7 when he said at a financial conference in Beijing that China needs to counter the effect of the “weak” dollar on its $1.4 trillion stash of currency reserves by shifting a bigger chunk into alternate currencies. Shortly thereafter, the dollar nosedived to record lows relative to currencies such as the euro, pound and yen.
The dollar’s fall represents a knee-jerk reaction to a media report as opposed to any fundamental shift in Beijing’s currency policy.
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