It is clear that multi-billion movements are in the works, although not just yet.
We will have years to wait, if they follow the usual medidative processes.
Onésimo Alvarez-Moro
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With a vaguely worded statement from Wen Jiabao, China's premier, at the close of a weekend meeting in Beijing on finance policy, the die has been cast for a momentous change in the management of the country's massive foreign exchange reserves.
Mr Wen said the management of the reserves, the world's largest at more than a thousand billion dollars, should be improved and the channels through which they are invested diversified.
Such remarks might seem to be little more than common sense but, against the backdrop of an intense, yearlong debate in China about how to use the money, Mr Wen's remarks represent a decisive policy shift.
Everyone from senior leaders to local policy entrepreneurs has been floating ideas about how to use the money, ranging from funding education and health systems to buying foreign oil and stocks. Such policy proposals can now be put forward for possible adoption.
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