Topic: China's Children slide forex reserves to remain stable
China's Children slide forex reserves to remain stable
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China's forex reserves to remain stablePublished: 15 Apr 2009 19:36:38 PST<p class="authorInfor"]</p]<!--begin CK content--]<P]Apr. 16, 2009 (China Knowledge) - China's foreign exchange reserves, the world's largest currency stockpile, is likely togrow steadily, said Yao Jian, spokesman of the China's Ministry of Commerce (MOC), on Wednesday.</P]<P]Growth in the country's trade surplus and foreign investments will increase China's foreign exchange reserves, but this increase will be offset by China's use of forex reserves to help Chinese enterprises in foreign investments, added Yao.</P]<P]A stable foreign exchange reserve will be good for the Chinese currency, said Yao without giving details. However, an increase in foreign exchange reserve may exert more pressure on China to allow the RMB to appreciate.</P]<P]In addition, the spokesman said that China is expected to send more purchase delegations to foreign countries such as France and the U.S. to buy commodities.<BR]<BR]China's foreign exchange reserves grew by about US$7.7 billion in the first three months of 2009 to US$1.95 trillion at the end of March, showing the smallest quarterly increase since the second quarter of 2001. <BR]</P]
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