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¿¿Game, set, match for the US dollar??

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Nov. 7 (Bloomberg) -- The dollar fell the most since September against the currencies of its six biggest trading partners after Chinese officials signaled plans to diversify the nation's $1.43 trillion of foreign exchange reserves.

The New York Board of Trade's dollar index dropped to 75.21 today, the lowest since the gauge started in March 1973. The U.S. currency declined more than 1 percent against the euro, yen, Canadian dollar and Swiss franc, and almost as much against the British pound and the Swedish krona, the basket's components.

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he U.S. currency slumped to $1.4704 per euro, the lowest since the 13-nation currency debuted in January 1999, before trading at $1.4666 as of 6:13 a.m. in New York, from $1.4557 late yesterday. The dollar dropped the most in two months against the yen, trading as low as 113.32 yen. The euro fell against the yen to 166.21 yen, from 166.99 yesterday.

The dollar extended its decline against the euro after dropping through a key level where traders had placed orders to sell.

``We will favor stronger currencies over weaker ones, and will readjust accordingly,' Cheng Siwei, vice chairman of China's National People's Congress, told a conference in Beijing. The dollar is ``losing its status as the world currency,' Xu Jian, a central bank vice director, said at the same meeting.

Worst Peformer

The dollar fell against all 16 of the most-active currencies, declining to the weakest versus the Canadian dollar since the end of a fixed exchange rate in 1950, a 26-year low against the pound and a 23-year low versus the Australian dollar.

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Chinese investors have reduced their holdings of U.S. Treasuries by 5 percent to $400 billion in the five months to August. China Investment Corp., which manages the nation's $200 billion sovereign wealth fund, said last month it may get more of the nation's reserves to invest to improve returns.

Treasuries Rise

U.S. 10-year Treasury notes rose today on speculation a two- day increase in yields will attract investors at a $13 billion sale of the securities today.

``The world's currency structure has changed; the dollar is losing its status as the world currency,' Xu from the People's Bank of China said at the conference. Cheng, speaking to reporters after his speech, said his comments don't mean China will buy more euros. The National People's Congress, China's legislature, isn't involved in setting currency policy.

``Cheng has a history of speaking out on a range of financial market and economic developments, and his comments are not always accurate,' said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong.


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