Kuber Resources Corp (KUBR)

[Jas]

By Chris Oliver
Last Update: 10:49 PM ET Sep 2, 2007.

HONG KONG (MarketWatch) -- China's $1.3 trillion stockpile of foreign exchange reserves has no exposure to assets backed by U.S. subprime mortgages, a senior Chinese government official said Monday, according to reports. Wei Benhua, deputy director of the State Administration of Foreign Exchange, said China's foreign exchange holdings are unaffected by the turmoil in U.S. credit markets because it has zero exposure to the troubled sector, according to a report by Dow Jones Newswires. Wei made the comments on the sidelines of a financial forum in response to a reporter's question on how large a risk China faces amid the U.S. subprime mortgage crisis.