Feb. 26 (Bloomberg) -- Central banks are increasingly diversifying their reserves, including cutting holdings of dollars, according to a survey sponsored by Royal Bank of Scotland Group Plc, the U.K.'s second-largest bank. Italy, Russia, Sweden and Switzerland have made ``major adjustments'' in foreign-exchange holdings favoring the euro and the pound, according to the poll conducted by Central Banking Publications Ltd. between September and December 2006. China also plans to manage its reserves more actively, the report said. ``Central banks are open to saying they've been diversifying to improve returns and reduce exposure to any single currency,'' said Sean Callow, senior currency strategist at Westpac Banking Corp. in Singapore. ``There's no doubt that when they say `diversification' they mean selling dollars.'' Mehr bei Bloomberg [URL:http://www.bloomberg.com/apps/news?pid=20601085&sid=a4evap2.TgwM&refer=europe].
