Caixin OnlineFinance & EconomicsTop Stories Finance China Taps Forex Stash for Globalization Cash
01.17.2013 12:06

China Taps Forex Stash for Globalization Cash

Through banks, the government's forex manager is channeling China's dollar reserves into overseas business projects
By staff reporters Zhang Yuzhe, Li Xiaoxiao and Li Qing
 
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(Beijing) — Securing U.S. dollars for overseas investments is getting easier now that the State Administration of Foreign Exchange (SAFE) has opened a direct channel for funneling some of China's US$ 3 trillion in forex cash to the lending arms of state-run banks.

The service launched last summer reflects a government initiative to widen the scope of forex investments announced last year by People's Bank of China Governor Zhou Xiaochuan, whose agency oversees SAFE.

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