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From: John McCarthy	4/24/2007 10:32:55 PM
	of 1182

China central banker proposes issuing bonds to buy forex reserves - report Wed, Apr 25 2007, 01:48 GMT afxnews.com SHANGHAI (XFN-ASIA) - China's planned foreign exchange reserve investment agency should issue special treasury bonds to raise money from domestic investors and use the proceeds to buy foreign exchange reserves from the central bank to invest abroad, state media reported, citing a central bank official. Xiang Junbo, deputy governor of the People's Bank of China, said in a speech at Fudan University that the bank will further expand investment channels for its foreign exchange reserves, the Oriental Morning Post reported. The country's foreign exchange reserves are estimated to be worth 1.2 trln usd as of the end of March. China should also increase gold reserves and strategic resources like oil and metals, the International Finance News cited Xiang as saying. In addition, the central bank official said the government should invest some foreign exchange reserves abroad in low-risk bonds and some in state banks, policy banks or commercial banks to help expansion abroad. (1 usd = 7.73 yuan) lilian.wu@xfn.com fxstreet.com

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