China planning to cut U.S. reserves by two-thirds?

China should cap forex reserves at 1.3 trillion U.S. dollars: China banker

BEIJING, April 23 (Xinhua) — China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.

The amount of foreign exchange reserves should be restricted to between 800 billion to 1.3 trillion U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.

China planning to cut U.S. reserves by two-thirds?

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