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China not to dump US Treasuries

China on Wednesday ruled out the "nuclear" option of dumping its vast holdings of US Treasury securities but called on Washington to be a responsible guardian of the dollar.

world Updated: Jul 08, 2010 01:14 IST

China on Wednesday ruled out the "nuclear" option of dumping its vast holdings of US Treasury securities but called on Washington to be a responsible guardian of the dollar.

The State Administration of Foreign Exchange (SAFE) sought to allay concerns that arise whenever Beijing shifts its holdings of US government debt.

"Any increase or decrease in our holdings of US Treasuries is a normal investment operation," said SAFE.

It was lukewarm about gold as an investment. "It cannot become a main channel for investing our foreign exchange reserves," the agency said, noting the size of the gold market was limited and prices were volatile.