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China's foreign reserve may have hit $2.3t at end of September

(chinadaily.com.cn)
Updated: 2009-10-14 11:32

China's foreign currency reserve likely hit a record high by the end of September this year as its foreign trade and economy continue to recover from the global financial crisis, the Shang Securities News reported today. Confirmed data is not yet available.

The newspaper cited an unidentified expert who predicted that that the country's foreign currency reserve probably reached $2.3 trillion at the end of September, or about $170 billion more than the end of June.

Wu Zhigang, a senior economist with the China Development Bank said the foreign currency reserve may actually continue to grow over the coming months if there are no major shocks to the economy. Lu Zhengwei, a senior economist with the Industrial Bank also thought that China's third-quarter foreign currency reserve would show a large increase.