China Amasses Record Foreign Exchange Reserves of US$2.847 Trillion at End-2010

Manila Bulletin, January 11, 2011 | Go to article overview

China Amasses Record Foreign Exchange Reserves of US$2.847 Trillion at End-2010


BEIJING (AFP) - China said Tuesday its foreign exchange reserves hit a record high of US$2.847 trillion at the end of 2010 as new loans topped an official target, highlighting Beijing's difficult task of stemming a flood of liquidity.China's massive foreign exchange stockpile and trade surplus highlight imbalances in global trade and are likely to increase pressure on Beijing for a stronger currency when President Hu Jintao travels to Washington next week.The country's stockpile of foreign currencies, already the world's largest, expanded 18.7 percent from a year earlier to $2.847 trillion at the end of December, the central bank said in a statement.New loans issued by state-owned banks in 2010 reached 7.95 trillion yuan ($1.2 trillion), exceeding the government's full-year target of 7.5 trillion yuan but less than the previous year's explosion of lending.M2, the broadest measure of money washing around the world's second-largest economy, reached 72.58 trillion yuan at the end of last year, up 19.7 percent from a year earlier.Analysts blame China's huge trade surplus - $183.1 billion in 2010 - and its massive stimulus measures since late 2008 to combat the financial crisis for the flood of credit that has been fuelling inflation and property prices. …

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