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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5456)	9/18/2005 1:02:28 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China end-July forex reserves top $740 billion BEIJING: Chinese foreign exchange reserves exceeded $740 billion at the end of July, a senior central bank researcher said on Friday, suggesting speculation on the yuan may have persisted even after China’s revaluation that month. “We have more than $740 billion in reserves in July and the change in August should be normal,” Tang Xu, head of the central bank’s research bureau, told a business forum in Beijing. “The renminbi (yuan) exchange rate mechanism was a stable shift as we have not discovered any unusual movement of foreign capital,” he said. A transcript of his remarks was made available to Reuters. Tang’s figure implied that the reserves had swelled by at least $29 billion in July. China has previously said its end-June reserves were $711 billion. The rise in July was higher than the $20 billion increase in each of the previous two months, which showed a sharp acceleration from April’s $12 billion rise, according to central bank data. China’s reserves, the largest after Japan’s, have ballooned in recent years thanks to a growing trade surplus, foreign investment, and money sent into the country as a bet on appreciation of the yuan. Representatives at the central bank, which normally reports reserve data only at the end of each quarter, declined to comment on the reserve figure revealed by Tang, which was reported earlier by Dow Jones Newswires. The central bank, the People’s Bank of China, revalued the yuan by 2.1 percent against the dollar on July 21 in a move that gave greater play to market forces in setting the exchange rate. reuters dailytimes.com.pk