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China's foreign exchange reserves fall for first time in five years
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16:51, December 23, 2008

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Cai Qiusheng, an official of the External Debt Division of the Capital Account Management Department under the State Administration of Foreign Exchange (SAFE), said recently that China's foreign exchange reserves fell for the first time since December 2003, which was already below US $1.9 trillion. A source said on December 22 that China's foreign exchange reserves had dropped to less than US $1.89 trillion by the end of October, the first monthly decline since the end of 2003.

Statistics from China’s central bank show that, the reserves stood at US $1. 9056 trillion at the end of September, meaning there could be a decline by US $16 billion during October.

The source added that, the fall of foreign exchange reserves partly reflects the US dollar’s strength and the RMB’s weakness versus the US dollar over the past months.

By People's Daily Online

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