China ready to reform forex reserve system
(Reuters)
Updated: 2006-10-30 10:58
SHANGHAI - The time is ripe for China to reform its
system for management of its swelling foreign exchange reserves, two government
economists said in remarks published on Monday.
The reform should proceed slowly and could include a 200-400 billion yuan
bond issue from the Ministry of Finance, mostly directed overseas, said Xia Bin
and Chen Daofu, economists with the Development Research Centre, a think-tank
under the cabinet.
China has accumulated $987.9 billion in foreign currency
reserves, the world's largest stockpile, and the trade surplus in the first nine
months of 2006 -- $109.9 billion -- has exceeded that for 2005, which was also a
record year.
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