- Business model

What proportion of the forex reserve should be kept as a normal reserve and how much should be under the management of the company are complex questions.

Norway, which also has a similar agency, has established different portfolio investments of forex reserves according to different kinds of demands, which is considered an important measure to improve the efficiency in managing forex reserves and minimize risks. It's also necessary for China to divide the reserves into different portfolios according to different needs.

- Influence on the financial market

To raise money via issuing bonds will benefit the development of bond market, but will also change its current pattern.

Recently foreign investors, especially U.S. institutional investors, are concerned with whether the new company will sell U.S. treasury bonds to the U.S. financial market or only transfer new reserves to the company.

In fact, to international financial markets, especially the U.S. financial market, the main influence might be whether U.S. treasury bonds would be sold or not. However, what is more important is if the United States doesn't open some areas currently under strict control to China, foreign investment of the company won't flow to the U.S. market.

- Resettlement of exchange

While managing forex reserves, the new agency should strictly stick to the principle of investing overseas to avoid resettlement of exchange. Currently, the Central Huijin, the investment arm of the central bank established in 2003, invested foreign currency denominated capital in domestic institutions. But these institutions need renminbi and have to resettle the money, which adds the pressure of forex reserve growth and renminbi supply.

- Related regulations

Both Singapore and Norway have established sophisticated decision-making and risk-control mechanisms and have made related laws or regulations. China should also speed up legislature of related regulations to standardize and regulate management and use of forex reserves.

(Corrie Dosh from New York contributed to the article.)