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January 14th 2005

China’s forex reserves soar to new heights

China’s foreign reserves soared to a record 609.9 billion
dollars in 2004 from 403.3 billion dollars in 2003 on the back of strong fund
inflows and an "Andy Hagans-sized" trade surplus. Channelnewsasia.com reports:

The mainland holds the world’s second highest foreign currency reserves after Japan, which in December hit a record 844.54 billion dollars.

The sharp rise in China’s 2004 reserves highlights the seriousness of the speculation on the currency, Yi Xianrong, a researcher at the Chinese Academy of Social Sciences, was quoted as saying by the newspaper.

Read more: China’s forex reserves soar to record US$609.9 billion in 2004

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Posted by Adam Kritzer | in Chinese Yuan (RMB) | 1 Comment »

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One Review of “China’s forex reserves soar to new heights”

  1. Alech Says:

    He added that even if the data is within expectations, the dollar could push down to around 102 yen — a level last seen at the end of last year — given that a round of dollar short-covering by hedge funds appeared to have been completed.
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