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China should gradually reduce dollar-denominated assets and instead increase holdings of real resources through foreign trade, said Yu Yongding, a former PBOC advisor and a member of the Chinese Academy of Social Sciences, according to a transcript published by CF40. Mounting U.S. government debt raises questions about its debt repayment ability and makes the dollar less stable, and China may suffer major losses as the biggest dollar bonds holder, Yu said. A possible geopolitical conflict between China and the U.S. may also amplify the negative effects of the Fed's policy effect on the Chinese economy when the U.S. quits fiscal expansion and monetary easing, Yu said.