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China's forex reserves rise to US$3.31 trln at end-Mar

Apr. 13, 2012 (China Knowledge) - China, the world's largest holder of foreign exchange reserves, saw its forex reserves reach US$3.31 trillion at the end of March this year, according to the latest statistics released by the People's Bank of China.

The figure reflected a net addition of US$123.9 billion at the end of 2011.

Analysts said that the increase in forex reserves was in part due to revaluation gains of non-US dollar assets, which accounted for about one third of the country's forex reserves. In the first quarter, the Euro appreciated by 3% against the US dollar and the British pound appreciated by about 3.3%. In addition, a capital inflow helped increase the forex reserves.
In the fourth quarter of last year, China saw the first ever decline in its forex reserves, which decreased by US$20.6 billion to US$3.18 trillion.

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