finance

Today's Xinhua article brings to our attention that China's forex reserves have ballooned to $1.76 trillion as of the end of April. To put this number in perspective: it is about 15% of the US annual economic output. Before people get carried away, allow me to explain what the forex reserves is not: it is definitely not the government's money, so there is no sense in talking … [Read more...] about China's forex reserves larger than those of G7 combined