China is heavily exposed to the U.S. dollar, but now, with the risk of 'decoupling,' Beijing is silently diversifying its reserves to reduce its dependence on the world's largest reserve currency, analysts say.
Chinese companies are also highly exposed to moves in the greenback, said Pinebridge Investment's global economist Paul Hsiao, who pointed out the country reportedly has more than $500 billion in foreign corporate debt.
"Diversifying its currency holdings, in a way is very much in line with the recent political moves of the Xi administration to focus on China's trade relationships beyond just the United States. China and, more broadly, the Asian region is still highly exposed to movements in the US dollar," Hsiao said.
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