China needs to manage FX reserves - economist

China needs to set up a new institution to manage part of its huge foreign exchange reserves now estimated to be over 1 trln usd, the official Shanghai Securities News reported Monday 4 December, citing a state economist.

"The conditions for setting up a forex investing institution are ripe," the newspaper said, citing Xia Bin, a researcher with the Development Research Center under the State Council.

He said the country's forex reserves are expected to rise by 150-200 bln usd annually in the