The U.S. may be a âbright spotâ for the global economy in 2013, with Europe and Japan ânot optimistic,â said the official who oversees day-to-day management of Chinaâs $3.3 trillion foreign exchange reserves.
Credit expansion and the development of the alternative energy industry will help make the U.S. âthe major power promoting global economic growth in the future,â said Huang Guobo, director of the foreign exchange reserves management department at Chinaâs State Administration of Foreign Exchange. A summery of Huangâs comments, made Dec. 16 at Tsinghua Universityâs Shenzhen campus, was published on a school website today.
China, the largest foreign lender to the U.S. government, increased its Treasuries holdings in October to a five-month high of $1.16 trillion, according to U.S. Treasury Department data released on Dec. 18. SAFE doesnât publish data on its investments and Huang, also the foreign exchange regulatorâs chief economist, didnât directly comment on Chinaâs holdings.
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