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Tuesday, January 16, 2007

China Officially Passes $1 Trillion in Reserves

Chinese officials already admitted that China's foreign reserves passed the $1 trillion mark last month, but now we get official confirmation...

China Foreign Currency Reserves Top $1 Trillion for First Time

By Nipa Piboontanasawat

Jan. 15 (Bloomberg) -- China's foreign-exchange reserves, the world's largest, topped $1 trillion for the first time at the end of 2006, adding pressure on the government to let the yuan appreciate faster.

Currency assets excluding gold climbed 30 percent from a year earlier to $1.07 trillion, the People's Bank of China said on its Web site today.

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What do you think they'll do now? Maybe diversify into gold? We already know they're building strategic reserves of oil and base metals.
Check out my new gold and energy blog at