(MENAFN) China's State Administration of Foreign Exchange (SAFE) launched a new subsidiary to help diversify its foreign currency reserves, Reuters reported.
The SAFE Co-Financing office had been established with the aim to preserve and increase the value of the world's largest currency reserve stockpile, currently at USD3.31 trillion, the currency regulator said.
The statement did not specify how much of the reserves would be at the disposal of the new office nor what the possible investment directions would be.
Caixin magazine, an independent publication focused on finance, reported on Monday that the new SAFE office would provide liquidity for Chinese banks to make loans for domestic firms to support overseas investments.
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