Global News / Markets
China hives up forex
BEIJING: China's foreign exchange reserves has zoomed to a record $711 billion in the first half of this year, according to statistics released by the Chinese central bank.
The People's Bank of China said that the country's foreign exchange reserve surged to $711 billion by the end of June, representing a year-on-year increase of 51.1 per cent.
The apex bank said that the foreign exchange reserve increased by $101 billion in the first six months of this year, $33.7 billion more than the same period of last year.
In the January-June period, the Chinese currency, yuan, was pegged at $8.2765, remaining the same level as that at the end of last year. By the end of 2004, China's foreign exchange reserves reached $609.9 billion.
China is the world's second largest ho lder of forex reserves after Japan. - PTI
