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Monday, November 06, 2006

Posted 11/06/2006 05:24:00 PM by Douglas

The next time you call your credit card for a credit line increase, be sure and know how to speak just at little bit of Mandarin.

China's foreign exchange reserves have topped the 1.0 trln usd level, state television CCTV said.

The report cited the latest figures from the State Administration of Foreign Exchange (SAFE), although it did not specify when reserves had reached the 1.0 trln usd level.

The announcement had been long expected, particularly as SAFE said that reserves hit 987.9 bln usdat the end of September.

China had already surpassed Japan earlier this year as the world's top holder of foreign exchange reserves. Japan had reserves of 881.27 bln usd at the end of September against 878.75 bln in August.

China's reserves have swelled on the back of surging foreign direct investment inflows, bets on currency appreciation and a ballooning trade surplus.

Another sad footnote as the world's manufacturing base slips quietly to the east. There are just so many hamburgers that we can manufacture.

Reference; Empires: Greek, Roman, Portuguese, Spanish, British, American.

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