China's central bank said yesterday that the country would retain its US dollar-denominated assets when diversifying its foreign exchange reserves, state media reported. The People's Bank of China said it would widen the foreign currency investment channel when dealing with newly added reserves. Dollar-denominated assets would remain an important part of China's outbound investment, the bank said in its first quarter monetary policy report, published yesterday. The report also said there was a risk of inflation and a rebound in investment, and further cooling measures should be taken to prevent the economy from overheating.
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