Friday, March 11, 2005


China, Japan Step Away From Dollar

The web site is quoting a Lehman Brothers report on the Chinese governments apparent shift away from the US dollar due to weakness in the greenback. And Timesonline has a statement from the Japanese Prime Minister Junichiro Koizumi, "“I believe diversification is necessary.”

"Even as the reserves grew, the share of dollar assets held by China's central bank fell to 76 percent, down from 82 percent in 2003, Lehman Brothers said. The bank "is slowly diversifying its FX (foreign-exchange) reserves away from U.S. dollars."

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