China not to sell dollars but may buy oil with reserves – central bank

China’s central bank said it has no plan to sell off its US dollar holdings but it may use some of the country’s massive foreign exchange reserves to buy oil, state media reported.

‘The central bank has no plan to sell down US dollar assets in the country’s foreign reserves. The selling is just market speculation,’ the official Shanghai Securities News reported, quoting Sun Hui, a spokesman with the People’s Bank of China.