China's foreign reserves rise 16% to hit US$1.95 trillion

Source: Xinhua | April 11, 2009, Saturday |

Online Edition

CHINA'S foreign exchange reserves rose 16 percent year-on-year to US$1.9537 trillion by the end of March, said the People's Bank of China today.

It represents an increase of US$7.7 billion for the first quarter, but the increase was US$146.2 billion lower than the same period of last year.

In March alone, the foreign exchange reserves rose by US$41.7 billion. The increase was US$6.7 billion higher than the corresponding period of last year.

Outstanding foreign currency loans stood at US$235.2 billion by the end of March, down 11.7 percent year on year.

In the first quarter, foreign currency loans dropped by US$8.5 billion. The decline was US$57.3 billion heavier over the same period of last year.

In March, foreign currency loans rose by US$4.3 billion. The increase was US$6.4 billion lower than the same period of last year.

Meanwhile, outstanding foreign currency deposits rose 28.9 percent, or US$7.5 billion, to US$200.3 billion in the first quarter. The increase was US$13 billion higher over the same period of last year.

In March alone, foreign currency deposits rose by US$3.3 billion. The increase was US$1.8 billion higher over the same month in 2008.

Economy

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China's foreign reserves rise 16% to hit US$1.95 trillion

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