world growth

world growth

Monday, July 14, 2008

China's forex reserves climb past 1.8 trillion dollars: central bank

Too much forex is not a good thing, especially with the rapidly devaluation of US dollar.

China's forex reserves climb past 1.8 trillion dollars: central bank

http://afp.google.com/article/ALeqM5jV-Vqd3eFprUamekQ_ctIU89Txyw


BEIJING (AFP) — China said Monday its foreign exchange reserves had surpassed 1.8 trillion dollars but slower growth in June suggested the flow of potentially dangerous "hot money" into the country may be easing.
China's forex reserves, already the world's largest, rose to 1.8088 trillion dollars at the end of June.
The figure was up 35.7 percent from a year earlier and more than 18 percent higher against the end of 2007, according to data posted on the website of the People's Bank of China.
But the year-on-year growth eased from the 39.9 percent recorded in the first quarter of this year, and the increase of 11.9 billion dollars in June was far lower than in recent months.

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