China’s State Administration of Foreign Exchange (SAFE) has diversified its foreign exchange reserves in the major currencies and high quality assets, IMarketnews reports. The diversification of the $2.85 trillion forex reserves will help overseas payments and reduce risks. China’s current forex reserves are estimated to consist of about two-thirds in U.S. dollars, 20% denominated in euros and the remainder in yen and currencies, such as the Korean won and sterling. Forex reserve investment has covered sovereign, institutional and corporate financial assets.
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