| Forex reserves said to increase to US$1.76t |
| Last Updated(Beijing Time):2008-06-03 09:57 |
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China's foreign exchange reserves were reported to soar to US$1.76 trillion as of April 30, according to China Business News which also said they rose the most this year.
The country's forex reserves, the biggest in the world, expanded by another US$74.5 billion during April, the China Business News reported yesterday, citing unnamed sources. The jump in forex reserves in April was the biggest this year, outpacing the US$61.6 billion rise in January, the report said.
The State Administration of Foreign Exchange has yet to announce the official forex figure.
China's trade surplus topped US$16.68 billion in April which also saw foreign direct investment of US$7.6 billion.
The increase in forex reserves was more than three times that of the combined figure of trade surplus and FDI, the two traditional forex inflow channels.
Lu Zhengwei, an Industrial Bank chief economist, said the rise in the yuan and China's strong economic growth are the main attractions for foreign capital inflow, Lu said.
The yuan has appreciated 4.35 percent in the first four months while China's economy expanded 10.6 percent in the first quarter.
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