China Taps Forex Stash for Globalization Cash

(Beijing) — Securing U.S. dollars for overseas investments is getting easier now that the State Administration of Foreign Exchange (SAFE) has opened a direct channel for funneling some of China's US$ 3 trillion in forex cash to the lending arms of state-run banks.

The service launched last summer reflects a government initiative to widen the scope of forex investments announced last year by People's Bank of China Governor Zhou Xiaochuan, whose agency oversees SAFE.