China forex volumes rise

Average daily volume was $720 million in January, with the US dollar accounting for the majority of deals at $15.52 billion in January. However, the euro accounted for just $0.04 billion of monthly trades, well behind the yen and Hong Kong dollar.

Analysts said the low level of euro trading raised questions over the People’s Bank of China’s statements on increasing the euro share of China’s vast FX reserves.

"The reiteration of this objective has tended to correspond to European official visi