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China setting up new forex agency

Thursday, February 2nd, 2012

China will establish an agency modeled on Singapore’s Temasek Holdings Pte to manage part of its US$1 trillion-plus in foreign-currency reserves.

“The government has decided to separate the ownership of the reserves and the management of the reserves into two agencies,” Finance Minister Jin Renqing said yesterday.

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Nation to explore, expand use of forex reserves

Tuesday, January 31st, 2012

Chinese Premier Wen Jiabao said that China would steadily push forward the foreign exchange rates reform and actively explore and expand the use of its US$1.06-trillion foreign exchange reserves.China would strengthen operation and management of foreign exchange reserves and facilitate the balance of international payment, said Wen at the two-day Third National Financial Work Conference.

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