Zeti: No plans to change composition of forex reserves

BASEL: Malaysia has no plans to change the composition of its foreign exchange reserves in the light of a recent Chinese statement indicating a revision by Beijing, Bank Negara governor Tan Sri Zeti Akhtar Aziz said yesterday. 

China's State Administration of Foreign Exchange said last week it would explore new ways of using the Asian giant's reserves and broadening their investment scope. 

“We have had for many, many years now a very diversified portfolio and we're very comfortable with the composition right now,” Zeti told reporters. 

She said Malaysia did not reveal the exact composition of its reserves, which stood at US$70.5bil on Dec 31, according to a central bank statement issued last Thursday. 

But she added: “From 2000 we started diversifying gradually over time and now we have a very diversified portfolio.” 

Zeti said this at a meeting in Basel, Switzerland, of central bankers of the Group of Ten countries, also attended by representatives of several other states. 

Asked whether moves by China to diversify its reserves would have an impact on Malaysia's central bank policy, Zeti said: “No.” 

She declined to comment on market movements in Malaysia's ringgit currency. –Reuters

For Bank Negara statements click here


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