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.

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.

HT Image

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.