Foreign Exchange News
- BOC plans to cut U.S. dollar holdings
Date: 28-Dec-2006 Sources: (Shenzhen Daily)
BANK of China Ltd. (BOC) is planning to convert a portion of its foreign exchange holdings into yuan, the Oriental Morning Post reported yesterday, citing the bank's president.
Bank of China president Liu Lihui said the lender plans to hold U.S. dollar reserves of about US$12 billion, down from about US$17 billion, the paper reported. The report didn't give reasons for the change, but the dollar has lost about 5.5 percent in value against the yuan since the yuan was revalued July last year.
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