China announces reserve fund plan

China's finance minister announced Friday 9 March the country is creating an investment company to make more profitable use of its $1 trillion in foreign currency reserves.

Finance Minister Jin Renqing gave no details of how the Cabinet-level company might invest the reserves.

He also did not say what portion of the reserves might be channeled through the company or when it would start to operate.

"We can achieve more profit from the investments," Jin said at a news conference. "We are now prepa