Forex reserves hit record high of US$3.31t
By Feng Jianmin |
April 13, 2012, Friday
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Print Edition
Print Edition
CHINA'S foreign exchange reserves hit a record high of US$3.31 trillion at the end of March after a rare decline in the fourth quarter of last year.
The reserves, the largest in the world since 2006, rose by US$124 billion from December 31, according to data released by the central bank yesterday.
"Foreign capital is coming back to China as the global financial turmoil eases," said E Yongjian, an analyst of the Bank of Communications.
"There are renewed expectations for the yuan to appreciate."
Lu Ting, an economist of Bank of America Merrill Lynch, said the rise of the euro against the US dollar provided around US$20 billion of the gain.
The reserves, the largest in the world since 2006, rose by US$124 billion from December 31, according to data released by the central bank yesterday.
"Foreign capital is coming back to China as the global financial turmoil eases," said E Yongjian, an analyst of the Bank of Communications.
"There are renewed expectations for the yuan to appreciate."
Lu Ting, an economist of Bank of America Merrill Lynch, said the rise of the euro against the US dollar provided around US$20 billion of the gain.
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