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China's forex reserve tops 1.33 trillion USD |
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20:00, July 11, 2007 |
China's foreign exchange reserve reached 1.33 trillion U.S. dollars at the end of June, up 41.6 percent from the same period of last year, the People''s Bank of China announced here Wednesday.
A total of 266.3 billion U.S. dollars were added to the country's foreign exchange reserve in the first half of 2007, 144 billion U.S. dollars more than a year ago, said the central bank.
The six-month rise is higher than the whole-year rise of 247.3 billion U.S. dollars in 2006.
In June alone, the forex reserve rose by 40 billion U.S. dollars, 23.9 billion U.S. dollars more than the same month of last year.
China's soaring trade surplus is the major factor contributing to the forex reserve boom, said Wang Yuanlong, an economist with the Bank of China.
Data newly released by the General Administration of Customs shows that China's trade surplus in June hit a new high of 26.91 billion U.S. dollars, up 85.5 percent on the same month last year.
The aggregate surplus for the first half of the year jumped 83.1 percent to 112.5 billion U.S. dollars.
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