Financial Times FT.com

China confirms agency for forex reserves

By Richard McGregor in Beijing

Published: March 9 2007 05:56 | Last updated: March 9 2007 10:05

China will establish a new body to manage a portion of its $1,000bn-plus in foreign reserves, Jin Renqing, the Finance Minister, said on Friday, in the first top-level confirmation of plans for a state investment agency.

Mr Jin, speaking at a press conference during the National People’s Congress, said the new agency would report to the State Council, China’s cabinet, and not the finance ministry.

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