A Rare Glimpse into China's FX Reserves

The Chinese government's currency reserves, the world's largest such stockpile at $2.45 trillion, are held roughly in line with what was described as the global average: 65 % in USDs, 26% in Euros, 5% in GBPs and 3% in Yen.

China remains the biggest single holder of U.S. government debt, but it has cut back on its vast holdings of U.S. Treasuries from $894.8 billion at the start of the year to $843.7 billion in June. 

With a back of the envelope calculation, if 65% of total reserves is denominated in USD this equates to about $1.6 trillion, of which about half are in U.S. Treasuries and the other half are in what? I would guess in commodity related investment, which effectively hedges the exposure to the USD.

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