China's foreign exchange reserves exceed US$300bn, Guo Shuqing told Economic Daily, without giving a precise figure. At the end of 2002, reserves stood at US$286.4bn, having climbed 35 per cent during that year.
Guo, head of the State Administration of Foreign Exchange, rejected market criticism that the reserves had not been managed efficiently. He said that the reserves, most of which are invested in US treasury bonds and other overseas instruments, were very safe and had attracted relatively high returns.