BEIJING - China's foreign reserves, already the world's largest, have risen past $1.2 trillion, a state news agency said Thursday, amid surging trade and plans to create a multibillion-dollar company to invest some of the stockpile.Their surplus is up $300 Billion in one year. The U.S. might as well be loading freighters with cash and shipping them over to China so they can then return with Wal Mart items.
The figure, as of the end of March, represented a 37.4 percent rise over the same period last year, the Xinhua News Agency said, citing the central bank.
China's reserves have risen rapidly as huge trade surpluses and foreign investment force Beijing to drain billions of dollars from the economy every month through bond sales to hold down pressure for prices to rise. The money is stockpiled in U.S. Treasury bonds and other foreign assets.
I'm a very lucky person with every allergy known to man but still happy to be enjoying a wonderful life living in the best place in the world!