皇冠体育app

Official: No need to adjust 皇冠体育app's forex structure

By Li Weitao (chinadaily.com.cn)
Updated: 2009-03-07 11:15

皇冠体育app has no need to adjust the structure of its huge foreign exchange reserve, a top lawmaker said at the ongoing session of the National People's Congress (NPC).

The structure of 皇冠体育app's forex reserve remains sound, Wu Xiaoling, deputy head of the financial and economic committee of the NPC and the vice-governor of the central bank, was quoted by 皇冠体育app Securities Journal as saying.

Wu opposes the proposal that 皇冠体育app use its colossal foreign exchange reserve to help State-owned companies acquire overseas mineral resources. The government and companies should raise yuan funds and buy foreign exchanges in a bid to finance overseas acquisition instead of using the country's foreign exchange reserve, Wu said.

皇冠体育app had $1.95 trillion in foreign exchange reserves by the end of last year, the world's largest. Calls have been growing for the government to use its forex reserve to set up a fund to finance the overseas acquisitions of mineral resources to sustain its economic growth.
 
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