China setting up new forex agency
BEIJING: China is setting up a new investment agency to seek higher returns on its foreign currency reserves of more than US$1 trillion, the largest stockpile in the world, Finance Minister Jin Renqing said.
It was the first official confirmation of China's plans, which Premier Wen Jiabao foreshadowed in January by saying Beijing would actively explore new ways of using the reserves.
The biggest priority is safety, and under the principle of security we will try to increase the efficiency of management and the investments' returns, Jin told a news conference yesterday.
He gave no details of how much money the fund would manage, let alone how it might invest. But Jin said Singapore's state-owned Temasek would be one of its models.
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