China wants more euros in forex reserves: report

BEIJING (AFP) — China wants the euro to make up a larger share of its 1.2 trillion dollars in foreign exchange reserves, state media said Friday, citing a central bank deputy governor.

The move is motivated by the stability of the euro and the strong growth in the European economy, Wu Xiaoling said, according to the China Securities Journal.

However, the central bank does not plan to reduce the ratio of the US dollar in its forex reserves, she said, speaking at an economic forum in Brussels.

She was not quoted as saying what kind of assets would get a smaller weighting in the reserves as a result of giving euro-denominated assets a bigger weighting.

China's plans for its forex reserves are monitored intensely by the global markets as any decision to...