The precise composition of China’s reserve portfolio is a state secret. Market estimates of the dollar share of China’s portfolio vary widely. UBS (Mohi-Uddin), Deutsche Bank (Nystedt and Chadha) and Morgan Stanley (Jen) have all estimated that China holds around 60% of its reserves in dollars. Others – including Richard McGregor of the Financial Times and Stephen Green of Standard Chartered– have suggested that China holds around 75% of its reserves in dollars.
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