Even if the foreign reserve was to be reallocated towards the import of commodities to pay for a shortfall in the domestic market. That could have been done 10 yrs ago as opposed to today. If China needed to import coal and iron, it could have done that 10 yrs ago when coal and iron prices were much cheaper. If they needed to rebuild their corn stocks, they could have done that 10 yrs ago, when prices were still much more cheaper. Better yet, they could have kept a gold reserve 10 yrs ago when it was still 300 dollars an ounce. And then sold it today for 1400 and used that value to import coal and iron today.
China is the world's largest food producer. Grain production in 2010 was 546 million tons.
BEIJING, Jan. 20 (Xinhua) -- China's National Bureau of Statistics (NBS) said Thursday that the country's grain output rose 2.9 percent year on year in 2010 to 546.41 million tonnes, marking the seventh consecutive year of growth.
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