Money

China will not target huge forex reserves or long-term payment surplus

(Xinhua)
Updated: 2010-07-03 11:19

BEIJING - China will not pursue hefty foreign exchange reserves nor, in the long run, will it target running an international payment surplus, China's currency regulator said Friday.

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The composition of China's foreign exchange reserves is adjusted and optimized according to changes in economic development and market trends, and currently includes other currencies, such as the Yen, the Euro and currencies of some emerging economies, the State Administration of Foreign Exchange (SAFE) said in an online statement.

SAFE further said it should be prudent regarding how much information it would disclose since improper disclosures would trigger waves in the global markets, given that the nation's foreign exchange reserves are huge.

Data from the People's Bank of China showed China's foreign exchange reserves totaled $2.45 trillion?at the end of March.