Forex Blog: Currency Trading News & Analysis.

August 24th 2005

Ping An diversifies forex reserves

When China revalued the Yuan last month, many Chinese conglomerates incurred massive losses on their foreign exchange holdings, which instantaneously depreciated 2% in real terms. Ping An, a large Chinese insurance company, lost nearly 300 Billion RMB, as the majority of its forex reserves were and still are held in USD. As a result, Ping An recently announced it will begin to diversify its reserves, in anticipation of future revaluations. While Ping An’s decision is insignificant, in and of itself, it seems to be part of a broader trend of forex diversification, among both central banks and multinational firms.

Read More: Ping An acts to cut currency risk

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Posted by Adam Kritzer | in Chinese Yuan (RMB), Investing & Trading | No Comments »

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© 2004 - 2018 Forex Blog.org. Currency charts © their sources. While we aim to analyze and try to forceast the forex markets, none of what we publish should be taken as personalized investment advice. Forex exchange rates depend on many factors like monetary policy, currency inflation, and geo-political risks that may not be forseen. Forex trading & investing involves a significant risk of loss.