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| More Staff to Manage Huge Forex Reserves |
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Chinese graduates are being offered the chance to get their hands on US$1 trillion and manage it for the national benefit. A newly posted advertisement says the Reserves Management Department of China's State Administration of Foreign Exchange (SAFE) is seeking 30 additional staff to cope with its increased workload. The recruitment plan sent to career centers of the country's key state universities asks for staff for risk management, strategic research, auditing, accounting, human resources, administrative management, and technical support operations. All the applicants are required to have a postgraduate education or higher, the advertisement says. With the completion of the recruitment plan, the Reserves Management Department's staff will grow from current more than 160 to nearly 200. The recruitment plan reflected the urgency of properly handling Beijing Youth Daily reported that the department had 70 staff members by the end of 2001 when the reserves stood at US$200 billion. The number increased to more than 130 when the reserves hit US$500 billion in 2004, and exceeded Each of the department's staff member manages about US$5 billion. The management and use of the huge wealth accumulated by Some experts recommend buying foreign technology and strategic materials like oil and farmland, supplementing pension funds or supporting public services such as education, medical care and conservation. Others argue that such choices may fan inflation risks, because the central bank may have to spend more RMB to keep exchange rates stable. (Xinhua News Agency November 17, 2006)
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