Guan Tao, head of the international payments department at the State Administration of Foreign Exchange (SAFE), caused the relative dollar of the value to decline when he published comments saying that the US may deliberately devalue its currency, the Financial Times reported. “The United States may find it hard to resist the policy temptation of weakening the dollar abroad and pushing up inflation at home,” he said. He argued that China should diversify its foreign currency holdings, two-thirds of which are currently held in dollar-denominated assets. Guan has criticized China’s dependence on the dollar and US policy in the past, and said he was only expressing his personal opinion. His comments were published in an article on the website of the China Finance 40 Forum, a Beijing think tank, but were taken down after the dollar reacted, hitting a one-month low against a trading basket of six currencies.