China is a member of the WTO and is the world's largest trading power, with a total international trade value of US$4.62 trillion in 2018. Its foreign exchange reserves reached US$3.1 trillion as of 2019, making its reserves by far the world's largest. In 2012, China was the world's largest recipient of inward foreign direct investment (FDI), attracting $253 billion. In 2014, China's foreign exchange remittances were $US64 billion making it the second largest recipient of remittances in the world. China also invests abroad, with a total outward FDI of $62.4 billion in 2012, and a number of major takeovers of foreign firms by Chinese companies. China is a major owner of US public debt, holding trillions of dollars worth of U.S. Treasury bonds. China's undervalued exchange rate has caused friction with other major economies, and it has also been widely criticized for manufacturing large quantities of counterfeit goods.