China buys oil, minerals with reserves

China will take advantage of its massive foreign exchange reserves to expand its stock of strategic resources such as oil and minerals, state media reported Wednesday, citing a top economic official.

Vice Prime Minister Zeng Peiyan told leaders of the national legislature that the government plans to step up exploration for key resources such as oil, gas and coal. It also intends to use the opportunity afforded by the country’s more than $1 trillion in foreign reserves to improve strategic resource bases, the state-run newspaper China Business News and other reports said.
Business Week