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what does "shift away from the greenback" mean?

Forums: Esl, English, Grammar, Learning English, Efl
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Io
 
Reply Wed 6 Oct, 2010 06:09 am
"The dollar fell to new lows on Friday on rumors that China might shift some of its currency reserves from the greenback."

Does it mean that China might cut down the share of dollars in its foreign exchange reserves?
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Type: Question • Score: 0 • Views: 1,924 • Replies: 3
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Setanta
 
  1  
Reply Wed 6 Oct, 2010 06:35 am
Yes. Greenbacks means U.S. Dollars.
Io
 
  1  
Reply Wed 6 Oct, 2010 08:47 am
@Setanta,
Thanks! Let me put it this way --China may convert some of its dollars reserves to other currency, is it right? Sorry for my meager knowledge about finance:-(
ehBeth
 
  1  
Reply Wed 6 Oct, 2010 08:49 am
@Io ,
Yes. That is correct.
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