China is planning to diversify its investment into currencies other than the dollar to spread its exposure to risk in the markets, reports the Telegraph.Ambrose Evans-Pritchard writes for the publication that China is also adopting a wait-and-see attitude to its interest rates, with plans to follow any move by the Fed in changing rates in the US."If we raise interest rates, we will be flooded with hot money," explains Cheng Siwei, described by Mr Evans-Pritchard as a "sort of economic ambassador" for China."We have to wait for them; if they raise, we raise," the economist adds.He reveals that much of China's current investment in overseas markets is in the form of US bonds.While this is hard to change, he adds that future strategy is likely to focus on currencies including yen and euros, among others.Mr Evans-Pritchard also reveals that the Chinese economist told delegates at the recent Ambrosetti Workshop policy gathering at Lake Como that he hopes to see a change in US monetary policy as soon as the country returns to economic growth.