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China may use forex reserves to help oil firms
(Agencies)
Updated: 2009-02-17 10:53
China is considering using part of its huge foreign exchange reserves to help State oil companies explore for overseas resources, the Shanghai-based National Business Daily reported on Tuesday.
According to the proposal, the government would use a slice of China's $1.95 trillion in foreign exchange reserves to set up a special fund to finance offshore oil exploration. China's foreign exchange holdings are heavily invested in dollar-denominated assets, and Chinese researchers and officials are calling for a more diversified use of the reserves that are the world's largest. Fan Wenzhong, a State-owned assets supervision official in Chongqing city, said in an interview with the Shanghai Securities News on Monday that the government should use its reserves to set up a $200 billion overseas industrial fund and a $100 billion "social development" fund. (For more biz stories, please visit Industries)
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