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China's forex reserves likely to rank first

www.chinanews.cn 2005-07-15 14:05:15

Chinanews, July 15 - CRI Online reported that due to the large trade
surplus in the first half, economists raised their anticipation on
China's foreign exchanges of this year.
Wang Zhihao, senior economist of the Standard Chartered Bank China, wrote
an article which predicts that China's foreign exchange reserves will
reach 913 billion US dollars at the end of this year. Zhong Wei, director
of the Finance Research Center with Beijing Normal University, also
believes that up to the end of this year, China's foreign exchange
reserves would probably exceed Japan's (Japan's forex reserves neared 850
billion US dollars at the end of 2004) and rank first in world.
Statistics released by the Customs General Administration recently
indicate that China's trade surplus reached nearly 40 billion US dollars
in the first six months, higher than the 32 billion US dollars record of
entire 2004. The rise of trade surplus, however, has not increased the
anticipation of RMB appreciation. Zhong Wei said that the slower import
growth was the main cause of the large trade surplus.

          ��China does not want large forex rises (2005-06-03)
          ��China loosens forex control for investment abroad (2005-05-23)
          ��China central bank expands onshore forex trading (2005-05-18)
          ��Bank of China to be forex market maker (2005-03-16)
          ��China does not pursue forex reserve surge intentionally
(2005-03-08)

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