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China's Slip ring foreign reserve increases US$7.7 bln in Q1

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China's foreign reserve increases US$7.7 bln in Q1Published: 13 Apr 2009 00:09:40 PST

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Apr. 13, 2009 (China Knowledge) - The People's Bank of China, or the central bank, announced that the country's foreign exchange reserves amounted to US$1.95 trillion by the end of March, up 16% from a year earlier.

In the first quarter, the country added US$7.7 billion of foreign exchange reserves, which is US$146.2 less than the corresponding period of 2008.

Some analysts attributed the slower increase in foreign exchange reserves in the first quarter to changes in the value of non-US-dollar assets and money flows under the capital account, as well as falling trade surplus due to waning external demand.

In the first three months of this year, Chinese exports shrank 17.5%, 25.7% and 17.1% year on year, respectively.

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