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Last updated: 27 Sep, 2014  

China.9.Thmb.jpg China's forex reserves reach USD 2.85 trillion

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IANS | 11 Jan, 2011
China's foreign exchange reserves reached USD 2.85 trillion by the end of last year, up by nearly 20 percent, the central bank said Tuesday.

The People's Bank of China registered a total foreign exchange reserves of USD 2.85 trillion by Dec 31, 2010, 18.7 percent higher than the 2009 figure, the China Daily reported.

The new yuan-denominated lending in the country reached 7.95 trillion yuan (USD 1.2 trillion) last year, the bank said in a statement on its website.

The figure was 1.65 trillion yuan less than the 2009 level of 9.6 trillion yuan, the statement said. But it has overshot the government's full-year target of 7.5 trillion yuan.

Chinese government had been working to tighten bank lending to curb liquidity and restrain assets bubbles by increasing one-year lending and deposit interest rate twice and bank reserve requirement ratio six times in 2010.
 
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