For months, Chinese leaders talked publicly about dumping some of their dollar reserves and Treasury holdings.

Given the impracticality of that idea, talk has now shifted to investing in emerging markets, the Financial Times reports.

China’s leaders certainly have plenty to invest.

Thanks to the country’s huge trade surplus, currency reserves soared $318 billion in the last six months, lifting the total to $2.27 trillion.

Some heavyweights in China are now urging that the reserves be spent on investments in emerging markets, such as Brazil, Russia and India.

The idea is to do more than garner commodity production facilities at bargain prices, which China has been doing for years.

Rather the thinking is that China should use its currency surplus to foster growth in emerging markets and thus spark an increase in trade and other economic ties between China and the developing world.

Earlier this year, Xu Shanda, an economist who formerly headed the federal tax bureau, suggested the creation of a Chinese “Marshall Plan” to lend money to Africa, Asia and Latin America.

Now, current officials are jumping on the band wagon.

Deputy central bank governor Hu Xiaolian has proposed the creation of a giant sovereign wealth fund to invest in developing economies.

Meanwhile, China has hardly abandoned its Treasury purchases.

In the first eight months of the year, China bought a net $69.7 billion of Treasuries, putting its total holding at $797.1 billion.