China's forex reserves climb sharply in first two months: report

0 Comments | AFP, March, 2008

SHANGHAI (AFP) — China's foreign exchange reserves rose by 118.9 billion dollars in the first two months of the year to 1.65 trillion dollars, state media reported Wednesday.

The reserves increased 61.6 billion dollars and 57.3 billion in January and February respectively, the China Business News reported, citing unnamed sources.

China's foreign exchange reserve, the world's biggest, rose by 43.32 percent or 461.9 billion dollars last year to 1.53 trillion dollars, according to figures released by the central bank earlier.

A spokesman with the State Administration of Foreign Exchange declined to comment on the report when contacted by AFP on Wednesday.

Analysts pointed out the growth indicated hot money, or illegal speculative capitals, were likely...