China needs large FX holding, says SAFE

China's economic conditions make it necessary for the holding of large levels of foreign exchange reserves, the official Shanghai Securities News reported Tuesday 25 July, citing Wei Benhua, deputy director of the State Administration of Foreign Exchange.

"China is a big country ... and its economy is still quite backward in many aspects. The country still has (huge) demand for energy and mineral products imports," Wei said at a conference.

As such, "China should have adequate forex reserves to