From AFX News
Tuesday, May 30, 2005
http://www.forbes.com/markets/feeds/afx/2005/05/30/afx2064323.html [1]
BEIJING -- China is exploring ways to use some of its huge foreign
exchange reserves to buy imported oil, the Shanghai Securities News
reported, citing an unidentified source.
The newspaper said the plan, which was first proposed as early as
2000, would reach the twin objectives of making better use of the
nation's foreign exchange and ensuring vital oil supplies.
The paper quoted Li Yang, a senior economist at the Chinese Academy
of Social Sciences and a former member of the monetary policy
committee under the central bank, as saying the plan to use foreign
exchange reserves to build up strategic oil reserves is reasonable.
But he said the biggest obstacle to the plan is coordinating the
actions of various government ministries and departments.
China had foreign exchange reserves of $659 million as of the end of
March.
A number of economists have recommended that China diversify its
reserves, which are still heavily weighted towards US dollars.
In March, Guo Shuqing, director of the State Administration of
Foreign Exchange, suggested China could use some of its foreign
exchange reserves to purchase imported oil.
He also said at that time: "Such a move would not cost us too much
of our foreign exchange reserves. ... Purchasing 100 million tons of
oil would require only some $30 billion."
China is already planning to build a strategic oil reserve though
actual stocking of the reserve is said to be moving ahead slowly.
Niu Li, a researcher on global oil issues with the State Information
Center, was quoted in the Shanghai Securities News today as saying
the government should speed up this plan to shift reserves into oil
in order to reduce investment risk.
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