Wen hints at foreign reserves shift

Premier Wen Jiabao has suggested China may change the makeup of its foreign exchange reserves while supporting Beijing's current currency policy, reported the South China Morning Post. In comments before leaving Fiji for New Zealand, Wen said China did not intend to let the yuan appreciate quickly. He suggested the government would ease restrictions on companies and private individuals holding foreign currencies. He added that Beijing had to make sure its gargantuan foreign exchange reserves "have a reasonable composition" and that they "are being put to good use". Senior officials from the United States and China are to convene on April 11 to ease economic tension ahead of President Hu Jintao's trip a week later. US Secretary of State Condoleezza Rice said Hu and President Bush would discuss the trade deficit, human rights, religious freedom and Iran's nuclear program.