China's forex reserves rise to $4 trillion
Staff writer ▼ | June 13, 2014
China's foreign exchange reserves have risen to around $4 trillion, said Guan Tao, head of the balance of payment department under the State Administration of Foreign Exchange in an online interview on the Chinese government website.
China's foreign exchange reserves have risen to around $4 trillion, said Guan Tao, head of the balance of payment department under the State Administration of Foreign Exchange in an online interview on the Chinese government website.The figure was up from $3.95 trillion at the end of March, and was more than triple the amount for Japan, the world's second largest holder of forex reserves, according to the administration.
Guan said from 2001 to 2013, China's forex reserves grew by $3.7 trillion, while the country's current account surplus and capital inflow through direct investment together totaled $3.8 trillion. This indicates that China's forex reserve surge is mainly a result of real economic activities instead of hot capital inflows, Guan said. ■
