The dollar dropped to a fresh 14-month low against the euro in intraday trade yesterday after the People's Bank of China suggested that, while the dollar should remain dominant, the share of the euro and the yen should increase in its foreign exchange reserves.
The exact composition of China's $2,270bn foreign exchange stockpile, the world's largest, is a state secret, but it is estimated that it is held 60 per cent in dollars, 30 per cent in euros and the remainder in sterling and yen.
Fears that China would diversify its reserves away from a weakening dollar have been a drag on the US currency in recent months, amid repeated concerns from Chinese authorities over the value of its stockpiles.
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