China using reserves for political gain - report

- Central Banking staff
- 12 Sep 2008

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China's State Administration of Foreign Exchange appears to have used its reserve stockpile, the largest in the world, to influence diplomatic relations between Costa Rica and Taiwan.

The Financial Times, a newspaper, reported on Friday that it had obtained a letter where Costa Rica agreed to cut its links with Taiwan in exchange for the State Administration of Foreign Exchange purchasing government debt.

The letter, written in January 2008, read: "From the date of the establishment of

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