(EnergyAsia, September 26) — China does not plan to use its soaring foreign exchange reserves to build up its strategic oil stockpile, a central bank official said last week. According to China Daily, the People’s Bank of China official said the country’s more than US$700 billion forex reserves are being held exclusively in non-tangible…
CHINA: Official says forex reserves will not be used to build up oil reserves
Posted on September 26, 2005 by EnergyAsia