The dollar fell on Wednesday to historic lows of $1.47 per euro and $2.10 to the pound on expectations of further U.S. interest rate cuts to limit damage from an ailing housing market. The dollar slid further after comments from senior Chinese officials stirred concerns about its central bank shifting reserves away from the U.S. currency. "The China story is simply an excuse (to sell the dollar)," says Derek Halpenny, senior currency economist at BTM-UFJ. "Really it's the bias of the Fed to continue easing." The euro surged versus the dollar, on track for its biggest one-day percentage gain this year and sending European stocks down nearly 1 percent. A Chinese central bank official said the dollar was losing its status as the major global currency.