London hikes currency reserves amid Brexit risk

LONDON: London has ramped up its foreign exchange reserves in a move described by British media on Monday as a war chest against market chaos should Britain leave the European Union.

Currency reserves jumped 34 percent to $98.2 billion (87.9 billion euros) in January 2016, from $73.4 billion for the same month a year earlier, according to recent data from the Bank of England (BoE) -- which manages the Treasury’s foreign exchange funds.