China's forex hits US$711bn
15 July 2005
China's foreign exchange reserves hit a record US$711bn, growing US$51.9bn in the second quarter as an increasing trade surplus compensated for a decrease in the inflow of speculative funds. The second quarter growth, which breaks down to an inflow of US$24m an hour, complicates China's attempts to control its monetary policy, the Standard reported. China has the world's second largest foreign reserves after Japan.