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.

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