South Korea's central bank, which manages the world's seventh-biggest foreign reserves, reduced the ratio of US dollar assets in its reserves by more than 3 percentage points in 2011, it said in its annual report released on Friday.
The Bank of Korea held 60.5 percent of its assets denominated in dollars at the end of 2011, down from 63.7 percent at the end of 2010 and 63.1 percent at the end of 2009, the report showed. Many central banks have reduced the portion of their foreign reserves invested in the US currency in line with changes in the global economy and as questions mount about the dollar's long-term role as the global reserve currency.
South Korea's foreign reserves reached a record $315.8 billion at the end of February, including a small amount in non-currency assets such as gold and International Monetary Fund positions. The Bank of Korea does not give a detailed break-down of figures for its reserve holdings in other currencies but has said it also holds assets denominated in yen, euros and pounds.
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