China Taps Forex Stash for Globalization Cash
(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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