Rediff India Abroad
 Rediff India Abroad Home  |  All the sections


The Web

India Abroad

Sign up today!

Article Tools
Email this article
Top emailed links
Print this article
Contact the editors
Discuss this article

Home > Business > PTI > Report

China's forex reserves = $853.7 billion!

March 29, 2006 19:52 IST

China, with $853.7 billion in its vaults, has just toppled Japan's long-held status as the world's largest holder of foreign exchange reserves, the state media reported.

The overall scale of China's foreign exchange reserves exceeded Japan's for the first time at the end of February and climbed to the first spot in the world, China News Service reported.

By the end of February 2006, China's foreign exchange reserves totalled $853.7 billion. According to Japanese Finance Ministry's statistics, that country's forex reserves were $850.1 billion by February end.

India, with $146.19 billion, has the world's fifth largest forex reserves. Taiwan (3rd), South Korea (4th), and Hong Kong (6th) are the other nations that have big forex reserves.

China's foreign exchange reserves touched $818.9 billion by the end of 2005, up 34.3 per cent year on year. In 2005, China's foreign exchange reserves increased by $208.9 billion, or $2.2 billion more than the increase in 2004, according to figures published by the People's Bank of China, the central bank.

China's State Administration of Foreign Exchange Deputy Director General Wei Benhua said recently that China's current forex reserves were adequate.

Wei said China's forex reserves maintained an upward growing trend and would be beneficial to maintain the nation's and its enterprises' external credit and the stability of financial structure and to prevent and resolve international financial risks.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group.

© Copyright 2006 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Share your comments

 What do you think about the story?

Read what others have to say:

Number of User Comments: 1

Sub: China's forex reserves@$854b

The last time I checked, Hong Kong was an integral part of China, yet this city continues to be listed as a seperate entity. So, ...

Posted by labrea



Copyright 2006 India Limited. All Rights Reserved.