It is nice to occasionally be right! China confirms it holds around 70% of its reserves in dollars – Brad Setser

From RGE Monitor:

According to Market News International and others, the People’s Daily has indicated that:

“About 70 percent of China’s reserves are held in US dollars, confirming widespread speculation about the weighting.”

That was rather obvious the moment the US released its survey data showing that China held around $525b in US securities at the end of June 2005. A 70% ratio now implies that China probably has around $700b in US securities. That is real money — as is the roughly $150-200b in US securities China has to buy every year to keep its dollar holdings at 70% of its (rapidly growing) reserves.[Full Text]

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