Asian banks dump dollar [View All]

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Asian banks dump dollar

"Asian central banks are quietly moving away from holding the US dollar in their foreign exchange reserves, suggesting further weakness in the value of the greenback this year.

A new analysis by Lehman Brothers estimates that in the last half of last year as much as $133 billion of foreign exchange reserves in non-Japan Asia left the dollar for stronger, higher-yielding currencies such as the euro, pound and Australian dollar.

The research compared US Treasury statistics on foreign holders of its debt with Asian central banks' statistics on reserve holdings.

'The dollar's now sharing its reserve currency status a little - perhaps not a bad thing,' says John Llewellyn, chief economist at Lehmans...>>

http://observer.guardian.co.uk/business/story/0,6903,1153155,00.html