Forex reserves reaches US$925 billion, largest in world
(AP)
Updated: 2006-07-05 11:49
China's foreign currency reserves, already the world's largest, grew to
US$925 billion (euro725 billion) at the end of May, a financial newspaper
affiliated with the central bank said Wednesday.
Reserves rose by US$19.9 billion in April and US$30 billion in May, the
Financial News said.
China's foreign reserves have mounted steadily as Beijing buys dollars and
other foreign currencies in an effort to control the value of its currency, the
yuan, amid an export-driven influx of foreign money.
In its last quarterly report, the central bank said China's foreign reserves
totaled US$875.1 billion at the end of March. The next official report is due
out this month.
Japan's foreign reserves are the world's second-largest, at US$864 billion
(euro675 billion), according to the Japanese Ministry of
Finance.
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