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China's forex reserve tops $1.53 tln
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19:49, January 11, 2008

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China's foreign exchange reserve had reached 1.53 trillion U.S. dollars by the end of 2007, up 43.32 percent from 2006, the People's Bank of China announced on Friday.

A total of 461.9 billion U.S. dollars were added to the country's foreign exchange reserve in 2007, said the central bank.

In December alone, the forex reserve rose by 31.3 billion U.S. dollars.

China's forex reserve kept a sharp growth in 2007, reaching 1.2trillion U.S. dollars by the end of March, 1.33 trillion U.S. dollars by the end of June, and 1.43 trillion U.S. dollars by the end of September.

China's soaring trade surplus is the major contributing factor to the forex reserve boom.

Data newly released by the General Administration of Customs show that China's trade surplus surged to a record 262.2 billion U.S. dollars in 2007, representing a 47.7 percent growth over a year earlier.

The huge forex reserve is considered the main reason for excess liquidity in China, as the central bank has to spend quantities of basic money to purchase foreign exchange, thus aggravating the problem of surplus fluidity.

Source:Xinhua



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