China's share of foreign reserves held in US dollar assets fell to 76% in 2004, down from 82% in 2003, signaling that China may no longer be counted on to finance the growing US deficit, investment bank Lehman Brothers said in a report. With the world's second-largest foreign currency reserves after Japan, with the equivalent of nearly US$610 billion at the end of 2004, China is diversifying its growing foreign exchange reserves, the report said.
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