If you are one of the ones worried that China is taking the world over, you might not need to worry about its military doing that. At the current rate, China will just be able to start buying countries in the future. China’s central bank showed that its foreign exchange reserves rose to a record $2.399 trillion at the end of 2009. That is the world’s largest and is a sharp 23.3% gain over the reserve levels of 2008.
The reserves were listed as close to $2.27 trillion in September. While China’s exports were lower for much of 2009, that has started to rebound. The December exports rose 17.7% and direct foreign investment doubled on a year over year basis to about $12.1 billion.
If China did this during a time when the world is was in recession, imagine how much it can grow when things are back at 3% to 4% growth. David Bowie sang the song “The Man Who Sold the World” (it wasn’t Nirvana)… Bowie just didn’t say that China was the buyer.
And to think, China is still considered an emerging market by most….
JON C. OGG
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