1. Shrinking Foreign Reserves.
- Subjects
- *
RESERVES (Accounting) , *BALANCE of trade , *FOREIGN investments , *FINANCIAL crises - Abstract
The article reports on the signs of a decline in the growing foreign reserves of China, boosted mainly by its trade surplus and foreign direct investment. According to Cai Qiusheng, a senior official at the State Administration of Foreign Exchange (SAFE), the agency's statistics showed that the foreign reserves had declined for the first time since December 2003. The decline meant that some foreign investors withdrew their money out of mainland markets to invest in safe havens elsewhere in the midst of the global financial crisis.
- Published
- 2009