http://quote.bloomberg.com/apps/news?pid=10000080&sid=aTRzNohbX82g&refer=news_indexMarch 28 (Bloomberg) -- China's foreign-exchange reserves overtook Japan's as the world's largest, reaching $853.7 billion by the end of last month, the state-owned China Business News said, citing people it didn't identify.
The reserves, which doubled in the past two years, rose from $845.2 billion on Jan. 31 and passed Japan's $850.1 billion, the newspaper said. The central bank has yet to confirm the figure, said the paper, a venture of the Shanghai government and two state media groups. A People's Bank of China official declined to comment.
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To maintain a similar portion of euros and yen in their portfolio they need to sell dollars,'' said James Malcolm, currency strategist at Deutsche Bank AG in Singapore. ``If China allowed its currency to rise significantly it would have some impact'' on the size of the reserves.
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The country has been investing the reserves in U.S. bonds and assets. China held $262.6 billion in U.S. government Treasury bonds at the end of January, making it the largest investor after Japan. China's purchases of Treasuries have helped keep down market interest rates in the world's largest economy.
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Maybe its me but I feel we have been attacked economically by China
and Bush was its ally... What has he and the corporations done???
Handed America over to the Communists???