Finance: Forex reserves to US$900b
(Shanghai Daily)
Updated: 2006-06-15 10:27
China's foreign exchange reserves have topped US$900 billion, remaining
the world's largest ahead of Japan, the China Securities Journal reported
yesterday.
China's reserves - which overtook Japan's in February - had reached US$875.1
billion by the end of March, with an increase of US$56.2 billion in the first
quarter of the year alone. The steady growth of trade surplus and direct foreign
investments are seen as the major reasons for the surging foreign exchange
reserves, the newspaper cited an official source as saying.
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