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China’s Cheng Siwei Says Foreign-Currency Reserves Are Too Large

China doesn’t intend to pursue a very large trade surplus and its foreign-currency reserves are too big, said Cheng Siwei, a former senior Chinese legislator.

The nation can control its trade surplus at less than 4 percent of gross domestic product, Cheng said today in a speech at the Brookings Institution in Washington. Foreign-exchange reserves, now $3.2 trillion, should instead total 20 percent of GDP, or about $1.2 trillion, he said.

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