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China's forex reserves hit $1.76tr
China's stockpile of foreign exchange reserves, already the largest in the world, increased a record $74.46 billion in April to $1.75666 trillion, a source familiar with the data told Reuters on Monday.
- Reuters
- Published: 00:06 May 27, 2008
Beijing: China's stockpile of foreign exchange reserves, already the largest in the world, increased a record $74.46 billion in April to $1.75666 trillion, a source familiar with the data told Reuters on Monday.
The leap surpassed the previous monthly record of $61.6 billion set in January.
It was more than three times greater than the $24.3 billion that flowed into China in April from the trade surplus and foreign direct investment - a strong indication for many economists that speculative capital is still pouring into the country.
The source declined to be identified because he is not allowed to speak officially to the media.
China's official foreign exchange reserves have now risen $228.5 billion in the first four months of the year compared with $461.9 billion in all of 2007.
April's surge - almost half the first-quarter increase of $154 billion - occurred even though the yuan's pace of appreciation slowed to a crawl last month, reducing the currency's short-term attraction to hot-money investors.
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