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China FX reserve tops US$1 trillion

China FX reserve tops US$1 trillion

(17 January 2007 – China) China’s foreign exchange reserve has crashed through the US$1 trillion mark for the first time, according to the Bank of China. By the end of 2006, the foreign exchange reserve had reached US$1.07 trillion, on the back of a massive increase of 30.2 percent over the past 12 months.

In 2006 China became the largest foreign currency depositor in the world with more than US$247 billion entering the reserve.

The news was greeted with caution by some local analysts who said a rapidly growing foreign exchange reserve could impact currency stability.
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