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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: redfrecknj	12/27/2006 5:58:11 PM
	of 110194

<< China to use foreign exchange reserves to buy minerals - vice premier Wed, Dec 27 2006, 03:49 GMT afxnews.com BEIJING (XFN-ASIA) - China will use its foreign exchange reserves to increase its stockpiles of mineral resources, the official Xinhua news agency quoted Vice-Premier Zeng Peiyan as saying. "We will...establish a mineral resources reserve mechanism and use the relatively large foreign exchange reserves to increase the country's reserves of strategic resources," Zeng said. This will be aimed at increasing China's capacity and production of minerals, Zeng told members of China's parliament, the National People's Congress. No further details were provided. The comments by Zeng, a former head of the National Development and Reform Commission, are the closest that any Chinese official has come to acknowledging that China's foreign exchange reserves are to be put to other uses. The Chinese government has been discussing the establishment of a new vehicle designed to more actively manage the country's more than 1 trln usd in foreign exchange reserves. The National Development and Reform Commission along with the Ministry of Finance are both understood to be jostling to take an active role in managing the new vehicle which would be funded with reserves bought from the People's Bank of China. Central bank Vice-Governor Wu Xiaoling recently told Market News International, an XFN-Asia affiliate, that the decision to create a new vehicle will be made at the financial work meeting which is expected to take place before the end of the first quarter. Cao Wenlian, deputy director of the fiscal and financial department of the National Development and Reform Commission, suggested to a financial forum on Tuesday in Beijing that the government should explore the possibility of using part of its foreign exchange reserves to "support the adjustment of the economy's structure and (address) regional imbalances." Cao did not give further details. >> link: fxstreet.com

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