PANews reported on January 23 that UBS Asset Management stated that China would benefit if investors increased portfolio diversification amid growing concerns about US policy. Massimiliano Castelli, Global Head of Sovereign Markets Strategy at UBS, said that if tensions involving the US escalate—with increased pressure on the US Treasury market, rising attacks on the Federal Reserve, and erosion of US credibility—then the target for the renminbi's share of global central bank foreign exchange reserves could rise to approximately 10% in the medium term.