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China's forex reserves exceed $1.9 trillion

(Xinhua)
Updated: 2008-10-14 16:55

China's central bank said on Tuesday that the country's foreign exchange reserves surged to $1.9056 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 in a report published on its website.

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

The country's foreign exchange 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 contributing factor to the foreign exchange reserve boom.

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