China to Ramp Up Overseas Acquisitions and Deploy Forex Reserves

China is said to rev up its acquisitions of foreign companies, depleting its forex reserves as it implements their use to pursue their overseas expansion. In comments published Tuesday Wen Jiabao, the Asian country’s premier, stated that “we should hasten the implementation of our ‘going out’ strategy and combine the utilization of foreign exchange reserves with the ‘going out’ of our enterprises.” The statement comes just a week after statistics showed that China’s forex reserves rose to a record $2.132 trillion in June, up by the most in percentage terms since January.