You can buy a lot of friends with $2.85 trillion in foreign currency reserves. Trade is persuasive, too, when your new chums are on their uppers. And who isn't a sucker for a panda, the cute face of pseudo-Communism? Edinburgh Zoo gets to rent a brace of those, one hears, in the name of conservation and economic co-operation. Meantime, 2,000 Grangemouth workers have their jobs "protected" while multi-billion pound business deals are struck left and right. Suddenly, the People's Republic of China can't do enough for us.
The way out of the current financial crisis in Europe is for the countries with trade surpluses to buy goods from those running trade deficits. China, Germany and Japan have run trade surpluses for decades, and their foreign currency reserves run to trillions of pounds.
How rich is China? PRETTY rich when you consider it has an eye- watering Pounds 2trillion in its coffers. China could buy all of Greece's debt with its foreign currency reserves and still have plenty of loose change. Why does it have so much money? China has enjoyed a manufacturing boom in the last decade. It recently became the world's second biggest economy after the US. But for years it bought less than it sold.
CONTROVERSIAL plans will see Pounds 24 billion added to Britain's official foreign currency reserves during the next four years - mainly to lend to countries in economic difficulties. The Treasury is to spend Pounds 6 billion a year between now and 2014-2015 beefing up the reserves, taking the total from the current Pounds 53 billion to Pounds 77 billion, an increase of 45 per cent.
SOUTH Korea's foreign currency reserves hit a new record high in January amid strength in the euro and the pound, the central bank said. The country's official foreign reserves totalled pounds 183.82 billion at the end of last month, beating the previous all-time high of pounds 183.2 billion set in October, the Bank of Korea said.
MERSEYSIDE firms are being urged to cash in on an estimated pounds 45bn that could pour into the UK from China in 2008. This year's Beijing Olympics will see China catapult itself onto the international stage and the chief executive of the Liverpool - Shanghai Partnership (LSP) says this will mean the country's state- controlled banks will be keen to start spending their estimated pounds 670bn of foreign currency reserves.
A US appeals court has refused to overturn a judge's decision voiding the fraud conviction of Enron founder Kenneth Lay, pictured, who died before he could appeal. "We are bound by precedent," a threejudge panel of the US Circuit Court of Appeals said in an opinion last week, a copy of which has been released by the Lay family. Russell Butler, who said he lost $8000 (Pounds 4190) in the Enron collapse, had asked the court to overturn the trial judge's decision to drop Lay's case after he died in July while awaiting sentencing. A jury convicted Lay last May of conspiracy and fraud contributing to the 2001 collapse of Enron. China's foreign currency reserves above $1 trillion
...Dublin's banks continued to keep their reserves in London and two even retained head offices in th... also have built up large sterling and foreign currency reserves that would allow give them the c...
AS the new Government grapples with Britain's spiralling budget deficit, a handy Pounds 14 billion is lurking down the back of the Whitehall sofa. This is the gain on foreign currency and gold reserves in the past ten years and is set to be confirmed in official figures on Thursday.
Ithought it was clear the UK would not contribute to bailing out the euro through cloaked contributions to the IMF. I agreed with that. I thought pretty much everyone agreed with that.
... 9.3 billion - from, apparently, our foreign currency reserves to do precisely what we all thou...
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