China forex reserve exceed $1.9 trillion

October 14th, 2008 - 5:07 pm ICT by IANS  

Beijing, Oct 14 (Xinhua) China’s central bank said Tuesday the country’s foreign exchange reserve surged to $1.9 trillion by the end of September this year. The latest figure represented an increase of 32.92 percent from the same period last year, the People’s Bank of China said on its web site.

A total of $377.3 billion was added to the country’s foreign exchange reserve in the first three quarters, said the central bank.

The country’s forex reserve was reported at $1.53 trillion by the end of 2007, up 47.7 percent over a year earlier.

In September alone, the forex reserve rose by $21.4 billion.

China’s soaring trade surplus is a major factor in the forex reserve boom.

The General Administration of Customs said a day earlier the country’s trade surplus reached $180.9 billion in the first three quarters, down 2.6 percent from previous year.

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