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China, the No 1 holder of US debts, has defended its overseas investments, with the country’s foreign exchange regulator claiming it made money from its outbound assets every year over the past eight years.

Guan Tao, head of the international balance of payment divisions at the State Administration of Foreign Exchange, said China earned US$128 billion income from its overseas investments in 2011. SAFE controls the country’s more than US$3 trillion foreign exchange reserves, the world’s largest.

Between 2004 and 2011, outbound assets grew 26 per cent on average and its income rose 32 per cent on average, said Guan in a statement posted on the official website of SAFE. Guan did not elaborate on what kind of investments it had made in the past eight years.

Guan’s comments came amid growing public concern on the mainland that Beijing probably invested too much in government bonds…

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