New report: China's market booms, so do its foreign currency reserves
Posted by scapozzola on 11/18/2011
Earlier this week, the Congressionally created, bipartisan U.S.-China Economic and Security Review Commission (USCC) released its 2011 Annual Report to Congress.
Here are a few interesting items from the report:
- China became the world’s largest market for automobiles, personal computers, and mobile handsets even as it maintained a large trade surplus with the United States, exporting four dollars in goods to the United States for every dollar in U.S. imports.
- China’s trade surplus with the United States for the first 8 months grew by 9 percent. China’s portion of the U.S. trade deficit with the world is now more than 50 percent, up from 42 percent in 2010.
- Meanwhile, China’s foreign currency reserves grew to $3.2 trillion, up from $2.65 trillion a year ago. Seventy percent of that foreign exchange is estimated to be in U.S. dollar denominated debt.
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