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MNI BRIEF: China Needs To Safeguard Forex Assets-Ex-Advisor

MNI (Singapore)
SINGAPORE (MNI)

Call for diversification of offshore holdings.

True

China should restructure its overseas assets and liabilities as the safety of its massive forex reserves may be threatened by potential geopolitical conflicts between China and the U.S, said Yu Yongding, former advisor to the PBOC on Saturday at an economic forum.

The safety of China’s overseas assets is facing “huge challenge” after the U.S moved to freeze Russia’s foreign currency reserves, he said, suggesting China could reduce the holding of U.S Treasuries and diversify its forex reserves. At the same time, China should increase investments in countries producing strategic resources, such as oil fields in Middle East.

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China should restructure its overseas assets and liabilities as the safety of its massive forex reserves may be threatened by potential geopolitical conflicts between China and the U.S, said Yu Yongding, former advisor to the PBOC on Saturday at an economic forum.

The safety of China’s overseas assets is facing “huge challenge” after the U.S moved to freeze Russia’s foreign currency reserves, he said, suggesting China could reduce the holding of U.S Treasuries and diversify its forex reserves. At the same time, China should increase investments in countries producing strategic resources, such as oil fields in Middle East.

Keep reading...Show less