China’s forex reserves up 32.92% in Sep
China’s foreign exchange reserves surged 32.92% from a year earlier to hit US$ 1.9056 trillion by the end of September, said the People’s Bank of China (PBOC) on its website.
In the first nine months of 2008, the foreign-exchange reserves increased by US$377.3 billion, a year-on-year increase of US$10 billion, or an average monthly rise of US$41.9 billion which was higher than US$38.5 billion in a year earlier, said the central bank said.
The significant growth in foreign exchange reserves was mainly due to growing exports and widening trade surplus despite the weakening demand from the U.S and Europe.
For September alone, the reserves increased US$21.4 billion, which was lower than the rise of US$36 billion and US$39 billion in July and August this year respectively.
Over the Jan.-Sep. period, China’s trade surplus dropped 2.6% year-on-year to US$ 180.9 billion, while foreign direct investment rose 39.9% US$7.437 billion.
Over the recent years, China’s foreign exchange reserves have been growing rapidly. In February 2006, China replaced Japan to become the largest holder of forex reserves in the world and China’s forex reserves exceeded US$1 trillion at the end of the same year to US$1.0663 trillion.
Tags: export, exports