14 Apr '11, 9am

China's forex reserves pass US$3 trillion

BEIJING: China's foreign exchange reserves soared to a record US$3.0447 trillion at the end of March, the central bank said Thursday. The stockpile of foreign currency, already the world's largest, expanded 24.4 per cent from a year ago, the People's Bank of China said. The central bank had said previously its reserves stood at US$2.869 trillion at the end of 2010. China's forex reserves have ballooned in recent years, fuelled by strong foreign investment, large trade surpluses and inflows of "hot money" - short-term speculative funds in search of quick profits.

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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