from Follow the Money

It is semi-official –China has $ 1 trillion in reserves …

November 7, 2006

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So says Chinese State TV.

SAFE issued a non-denial denial.  SAFE didn't deny having $ trillion in the bank, but did deny issuing any formal statement showing that they have $1 trillion in the bank:

 "We have not issued any statement like that," said a SAFE spokeswoman

There isn't any real debate.  China's reserves probably topped $1 trillion sometime in October.

Indeed, Chinese reserve watchers are now trying to figure out why China didn't add more reserves in the third quarter (and indeed the first half of the year), given China's rapidly growing trade surplus.

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