Don’t you hate the feeling of having too much money? It’s certainly one that we’re familar with here at China Economic Review, where we’ve taken to lighting our Cohíbas with bundles of US$100 notes. But even our problems pale in comparison to China’s foreign exchange reserves, which have just topped US$2 trillion for the first time. China now holds US$2.13 trillion in reserves, enough to buy nearly 8 billion boxes-of-25 of Secretos Maduro Fives. The sheer size of the reserves gives Beijing little flexibility in looking for places to invest, keeping it firmly tied to US Treasury bonds. Even reasonably big energy deals – such as the US$1 billion advance payment for oil and US$1 billion credit line that Ecuador and China are currently negotiating – are just a drop in the bucket. Also swimming in cash (relatively speaking) is Air China, which saw its first-half profits jump by 50% thanks to higher passenger volumes and lower fuel costs than in the first half of 2008. The airline also profited on paper by betting that fuel prices would increase over those seen at the end of last year; observers estimate its first-half hedging gain could be as high as US$175.6 million.