China Dilutes Dollar Role in Currency Basket, Adds 11 More
- Greenback’s weighting to decline to 22.4% from 26.4%
- China seeking currency stability as dollar strengthens
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China diluted the role of the dollar in a trade-weighted foreign-exchange basket and added a further 11 currencies as officials seek to project an image of stability in the yuan.
The weighting of the dollar will fall to 22.4 percent from 26.4 percent in the basket from Jan. 1, China Foreign Exchange Trade System said in a statement Thursday. Additions include the South Korean won, the South African rand, the United Arab Emirates’ dirham, Saudi Arabia’s riyal, Hungary’s forint, Poland’s zloty and Turkey’s lira.