China's forex reserves hit US$2.447 trillion

08:46, April 13, 2010      

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China's central bank said Monday in a report that the country's foreign exchange reserves has reached a record US$2.447 trillion at the end of March, the world's largest.

The reserves grew 25.25 percent from US$1.9537 trillion a year ago, the People's Bank of China said on its website.The central bank had said previously its reserves were at US$2.399 trillion dollars at the end of December.

China's forex reserves have ballooned in recent years, fuelled by strong foreign investment, rising trade surpluses and inflows of "hot money" -- short-term speculative funds in search of quick profits in China.
Exports, a key driver of China's forex reserve hoard, softened in 2009 due to weak demand in the United States and Europe, but have rebounded since December.

Overseas shipments in March rose 24.3 percent from the same month a year earlier, while imports soared 66 percent year-on-year implying China's rising role in bring other economies out of the Great Recession.

China's Customs reported over the weekend that the country witnessed more than US$ 6 billion dollars of trade deficit in March, the first in as many as 6 years.

Foreign direct investment in China rose 4.86 percent year-on-year to US$14.02 billion in the first two months of 2010.

China has invested a large portion of its vast reserves in US dollar-denominated assets, such as safe but low-yielding US Treasury bonds.

People's Daily Online


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