For China, it's a record buildup of foreign capital. For the rest of the world, it serves as a reminder: To an increasing degree, bureaucrats in Beijing aren't just guiding their own economy, but the world's as well. In coming days, China's stockpile of foreign currency reserves, the fruits of fast-growing exports, will reach the unprecedented sum of $1 trillion. What's important isn't the level — a nation's foreign reserves are rarely big news — it's what it represents. (Christian Science Monitor, Tuesday)
Remember the warnings about Japan 20 years ago?
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