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China's reserves seen topping $1 tn

China's foreign exchange pile is expected to cross $1 trillion this month, up from $954.5 billion at the end of July.

india Updated: Sep 08, 2006 13:30 IST
Reuters

China's foreign exchange reserves, which reached $954.5 billion at the end of July, will top $1 trillion this month, a foreign exchange official said in remarks published on Friday.

Chen Bingcai, an official at the State Administration of Foreign Exchange, wrote in the China Economic Times that the country needed a stronger yuan to help correct imbalances in its international payments.

Chen said China had no reason to fear the impact of a stronger exchange rate on trade or jobs.

Moreover, Chinese companies could live with a rise of another 3 per cent at least in the yuan, he said.