Since 2009, China’s trade surplus has dropped significantly, which many in China hail as progress in rebalancing. Yet China's 2010 trade surplus was still $183 billion; its current-account surplus soared 25% from 2009, to $306.2 billion; and its balance-of-payments surplus last year totaled more than $470 billion – the bulk of which must have been invested in new holdings of foreign-exchange reserves.