China's Foreign Exchange Reserves have a hit a new record.

China's government says it has nearly $2.3 trillion in foreign assets -- that's the largest in the world.

The news comes as the U.S. keeps building up its own debt.

"It's the old bargain: the U.S. financing its spending by borrowing from China," said Dariusz Kowalczyk, chief investment strategist at SJS Markets in Hong Kong.

China owns more than $800 billion of U.S. Treasury debt.