Thursday, May 28, 2015Thursday, May 28, 2015

China's foreign exchange reserves cross $4.85 trillion in 2013

Published on Jan 15, 2014 1:28 PM

BEIJING (AFP) - China's foreign exchange reserves, already the world's largest, reached US$3.82 trillion yuan (S$4.85 trillion) at the end of 2013, the central bank said Wednesday, a new record.

The end-of-year figure was up from the US$3.66 trillion as of the end of September, according to data published by the People's Bank of China (PBoC).

It came after the country's trade surplus reached US$259.75 billion last year, up 12.8 per cent on 2012 and its highest since the global financial crisis.

Growth in China's vast reserves has been fuelled by years of huge trade surpluses as the country has grown to become the world's second-largest economy.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!