Page last updated at 09:37 GMT, Wednesday, 20 May 2009 10:37 UK

China's foreign assets up sharply

Development in Shanghai
China is growing much faster than other major global economies

China's foreign assets rose by 23% last year, to $2.92 trillion (£1.88tn).

The State Administration of Foreign Exchange also said that China's foreign exchange reserves accounted for almost $2tn of its overseas assets.

The remainder comprises assets such as direct investments and equities, held by state-owned banks and private firms.

The Chinese government is encouraging companies to invest more overseas, partly to help reduce upward pressure on China's currency, the yuan.

Earlier this year, some Chinese officials called for the dollar to be replaced as the world's reserve currency with a new currency run by the International Monetary Fund.

China is reportedly trying to diversify its foreign exchange reserves into other currencies than the dollar.

It recently discussed a plan with Brazil to trade directly with each other using each country's currency rather than the dollar.

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