Asian banks dump dollar
http://observer.guardian.co.uk/business/story/0,6903,1153155,00.html
Faisal Islam
Sunday February 22, 2004
The Observer
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.
Faisal Islam
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