CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
 
 
 
 
China Forex Reserves Become the World's Biggest
2006-03-28 15:47:33      Reuters
China has overtaken Japan to become the world's biggest holder of forex reserves.

China has overtaken Japan to become the world's biggest holder of foreign exchange reserves after its stockpile grew $8.5 billion in February to $853.7 billion, the China Business News reported on Tuesday.

Japan had reserves at the end of February of $850.1 billion.

Growth in China's reserves last month slowed from $26.3 billion in January, the Shanghai newspaper said.

"The massive foreign exchange reserves have brought about many benefits, but they also reflect continued imbalances in the economy," the newspaper said.

China's reserves have ballooned in recent years as the central bank, in order to hold down the yuan, has bought most of the dollars generated by a growing trade surplus, inflows of foreign direct investment and speculative capital.

The average increase in reserves of $17.4 billion in January and February is close to the average rise of $16.6 billion a month in the last quarter of 2005.

The reserves total would have been even bigger if Beijing had not used $60 billion to recapitalise three big banks.

The central bank also sold $6 billion from its reserves in November under a one-year swap deal with local banks.

(Photo: Google)


        Talk China        Print        Email        Recommend
 
Related Stories:



CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. All rights reserved. Reproduction of text for non-commercial purposes only is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 


 
China Mobile is near a $5.3 billion pact to acquire Millicom of Luxembourg.
The WB endorsed a wide-ranging plan to develop poorer parts of China between now and 2010.
China's latest fuel price rises take them closer to international market standards.
• Motorola Sees Market Share, Margin Gains Through 2007
• MasterCard Prices IPO at $39 Per Share
• Kingfisher Extends Profits Slump
• Oil Prices Slump Below $70
• Stocks Close Higher as Commodity Prices Plunge
• Asian Market Roundup
More>>

[an error occurred while processing this directive]