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Rediff.com  » Business » China's forex reserves = $853.7 billion!

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.

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