New funds eyed for reserves
By Zhang Fengming |
April 26, 2011, Tuesday
|
Print Edition
Print Edition
CHINA'S central bank may set up new funds that will invest part of the country's more than US$3 trillion of foreign-exchange reserves in energy and precious metals.
The People's Bank of China is also studying a proposal to use some of the reserves to establish a fund that would buy and sell currencies to help stabilize the yuan's exchange rate, Century Weekly magazine reported on its website yesterday, citing people it didn't identify.
No other details were disclosed.
Experts in China have long called for diversification of its rising reserves, the biggest in the world.
The central bank Governor Zhou Xiaochuan said earlier that China's reserves have exceeded a "reasonable" level and the management and diversification of the holdings should be improved.
China's reserves rose by US$197 billion in the first quarter of this year, the second-biggest increase on record, to US$3.04 trillion.
Calls to the central bank's news office seeking comment weren't answered.
Another proponent calling for China to cut its excessive reserves and further diversify its holdings was Tang Shuangning, chairman of China Everbright Group.
The amount of reserves should be limited to between US$800 billion and US$1.3 trillion, Tang said on Saturday, adding that the current reserves are too high.
The People's Bank of China is also studying a proposal to use some of the reserves to establish a fund that would buy and sell currencies to help stabilize the yuan's exchange rate, Century Weekly magazine reported on its website yesterday, citing people it didn't identify.
No other details were disclosed.
Experts in China have long called for diversification of its rising reserves, the biggest in the world.
The central bank Governor Zhou Xiaochuan said earlier that China's reserves have exceeded a "reasonable" level and the management and diversification of the holdings should be improved.
China's reserves rose by US$197 billion in the first quarter of this year, the second-biggest increase on record, to US$3.04 trillion.
Calls to the central bank's news office seeking comment weren't answered.
Another proponent calling for China to cut its excessive reserves and further diversify its holdings was Tang Shuangning, chairman of China Everbright Group.
The amount of reserves should be limited to between US$800 billion and US$1.3 trillion, Tang said on Saturday, adding that the current reserves are too high.
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