China forex reserves rises
2010-01-15 14:43:58
China’s central bank, the People's Bank of China on Friday said country’s foreign exchange reserves almost hit $2.4 trillion by the end of 2009, up 23.28 percent year on year.
At the start of the reform era at the end of 1978, China's foreign exchange reserves were minimal, but enough to cover the requirements of a country with a very small import bill.
In the early 1980s, export growth contributed to an initial rise in reserves to a peak of $17.4bn by 1984. High trade deficits in 1985 and 1986 eroded the reserves in those years.
By the end of September 2008, the reserves topped $1.9 trillion, equal to nearly $1,500 per head for the entire population of China.
It remained around this level until the end of 2008 as trade growth slowed and foreign investment inflows declined.
In 2009, the upward march resumed, with reserves rising above $2 trillion in April and reaching a record $2,272.585 billion at the end of September.
2010-01-15 14:43:58
China’s central bank, the People's Bank of China on Friday said country’s foreign exchange reserves almost hit $2.4 trillion by the end of 2009, up 23.28 percent year on year.
At the start of the reform era at the end of 1978, China's foreign exchange reserves were minimal, but enough to cover the requirements of a country with a very small import bill.
In the early 1980s, export growth contributed to an initial rise in reserves to a peak of $17.4bn by 1984. High trade deficits in 1985 and 1986 eroded the reserves in those years.
By the end of September 2008, the reserves topped $1.9 trillion, equal to nearly $1,500 per head for the entire population of China.
It remained around this level until the end of 2008 as trade growth slowed and foreign investment inflows declined.
In 2009, the upward march resumed, with reserves rising above $2 trillion in April and reaching a record $2,272.585 billion at the end of September.