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Asian banks reduce dollar holdings
www.chinanews.cn 2005-03-16 15:36:50
According to the UK's "The Financial Times," data issued Monday from the
Bank for International Settlements (BIS) indicates that Asian countries'
have liberalized policies pegging their currencies to the US dollar due
to the falling value of the greenback. The Asian central and commercial
banks covered in the BIS data held only 67% of their deposits in dollars
up to September 2004, down from 81% in the third quarter of 2001, said
the Basel-based bank. Such reductions were most evident in India, where
dollar holdings fell from 68% to 43% during the three-year period.
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