Dollar up after China says reserve policy 'stable'

BEIJING — The dollar gained against the yen and euro on global markets Monday after China's chief central banker said there will be no sudden changes in its policy on foreign exchange reserves.

"Our foreign exchange reserve policy is always quite stable. There will not be any sudden changes," Zhou Xiaochuan said Sunday at a conference in Switzerland, according to Chinese media.

The dollar rose to 95.46 yen from 95.25 late Friday in New York, while the euro slipped to $1.4024 from $1.4063.

Traders are watching for any sign of changes in how Beijing handles its $2 trillion in foreign reserves after Premier Wen Jiabao expressed concern in March about the surge in American borrowing and appealed to Washington to safeguard Beijing's vast holdings of U.S. government debt.

Zhou, governor of the People's Bank of China, called in March for a new global reserve currency to replace the dominant dollar. Russia has called for similar changes.

On Friday, the central bank repeated that call in an annual report on China's financial system but gave no new details about how or when Beijing wants the change to take place.