China's forex reserves pass $3 trillion

China's forex reserves pass $3 trillion


BEIJING: China's foreign exchange reserves soared to a record $3.0447 trillion at the end of March, the central bank said on Thursday.

The stockpile of foreign currency, already the world's largest, expanded 24.4 percent from a year ago, the People's Bank of China said.

The central bank had said previously its reserves stood at $2.869 trillion at the end of 2010.

China's forex reserves have ballooned in recent years, fuelled by strong foreign investment, large trade surpluses and inflows of "hot money" -- short-term speculative funds in search of quick profits. (AFP)