The Foreign exchange reserves of the People's Republic of China are mainly composed of US dollar in the forms of US government bonds and institutional bonds, and excludes reserves held by Hong Kong and Macau. As of the end of March 2011, the reserve holds $3.0447 trillion, making it the highest foreign exchange reserve in the world and far exceeded holdings of the next largest holder, Japan (~$1 trillion). The reserve is governed by State Administration of Foreign Exchange and People's Bank of China all of which are under operation of the Bank of China. An estimated two-thirds of these reserves are held in dollar-denominated assets.
China also manages $200 billion to $400 billion in additional foreign exchange assets that are not counted as official reserves, the China Investment Corporation.
Read more about Foreign Exchange Reserves Of The People's Republic Of China: Composition, Diversification
Famous quotes containing the words foreign, exchange, reserves, people, republic and/or china:
“the young men who watch us from the curbs:
They hold the glaze of wonder in their stare
Our crooked backs, hands fetid as old herbs,
The tallow eyes, wax face, the foreign hair!”
—Allen Tate (1899–1979)
“We never exchange more than three words with a Friend in our lives on that level to which our thoughts and feelings almost habitually rise.”
—Henry David Thoreau (1817–1862)
“...I want to see a film, they send the Israeli army reserves to escort me! What kind of life is this?”
—Golda Meir (1898–1978)
“The people who have really made history are the martyrs.”
—Aleister Crowley (1875–1947)
“Our constitution works. Our great republic is a government of laws, not of men.”
—Gerald R. Ford (b. 1913)
“Anyone who tries to keep track of what is happening in China is going to end up by wearing all the skin of his left ear from twirling around on it.”
—Robert Benchley (1889–1945)