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