Imagine that, instead of recycling US Treasuries, China really put its enormous foreign currency reserves to work. What does $3,045bn buy you these days?

Italy. Principal and interest on the entire sovereign debt stock of il bel paese, going out to 2062, comes to $3,031bn. Or if China were after commodities, rather than countries, it could stash away 25bn barrels of Brent crude. Based on February’s consumption, that would satisfy almost 13 years of net oil imports. And how about companies? Assuming a civil 30 per cent takeover premium, Beijing could buy up America’s ten biggest listed firms, from ExxonMobil to JPMorgan, or the 15 biggest Euro-stocks, from BHP Billiton to Eni. For true value for money, though, China might want to browse a little closer to home. Its reserves managers could acquire the entire Nikkei 225, with $30bn in change.