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US bonds remains choice for China's forex investment

(Xinhua)
Updated: 2009-02-26 19:21

BEIJING -- Purchasing US government bonds was one of the choices for China's huge foreign exchange reserves, which stood at nearly US$2 trillion, said Liu Mingkang, Chairman of China Banking Regulatory Commission Thursday.

US Secretary of State Hillary Clinton (R), seen here on February 21, 2009, is greeted by Chinese State Councillor Dai Bingguo in Beijing's Diaoyutai State Guesthouse. Purchasing US government bonds was one of the choices for China's huge foreign exchange reserves, which stood at nearly US$2 trillion, said Liu Mingkang, Chairman of China Banking Regulatory Commission Thursday. [Agencies]

China manages its foreign exchange reserves under the principle of maintaining safety, liquidity and profitability, Liu told a press conference on measures of banking system against financial crisis.

Related readings:  Treasury bonds are risky bet  Bank of Japan to buy corporate bonds to widen funding sources  China to issue $3.22B long-term treasury bonds  Report: China to stick with US bonds

Premier Wen Jiabao said in an interview with the Financial Times during the Davos forum that the country was exploring more efficient ways to use its reserves to boost domestic development.

China's reserves hit a record US$1.95 trillion ars at the end of 2008, the largest in the world and far exceeding those of Japan, the second-largest foreign exchange holder with 1.03 trillion US dollars.

According to the US Treasury, China held US$681.9 billion worth of US government bonds as of November, and it bought another US$14.3 billion worth in December.