Reserve management in China: foreign reserves, renminbi internationalisation and beyond

China’s foreign exchange reserves and reserve management were the focus for considerable and sustained political attention and economic analysis during the first decade of the 21st Century. This was a period that saw a phenomenal increase in the level of foreign reserves, a growth unprecedented in economic history. Although Beijing’s reserves stock has fallen by almost a quarter in recent years, China remains the biggest holder of foreign exchange reserves in the world by a significant margin. At the same time, and this again was a move of considerable historical importance, the Chinese