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To: Raymond Duray who wrote (55843)	11/10/2004 5:10:24 PM
From: RealMuLan	Read Replies (2) \| Respond to of 74559

Thank you Ray. But I still have a question. Does the foreign reserve has to be cash or cash equivalent (like gold)? Can it be in other forms like US T-bonds, t-bills or t-notes? And even if the gold, the price can be up and down, same thing as the stocks or t-bonds, t-notes, or t-bills. Here is the definition for cash equivalent: Cash-equivalent items Examples include Treasury bills and Banker's Acceptances. thefinancialreference.com So, my point is those 300 billion long term US debt, plus whatever short term US debt are all included in that 515 billion China's foreign reserve. Let me know if I am wrong. thank you