(PTI): China’s foreign currency reserves have risen above US 2 trillion dollars in the second quarter of 2009, new data from the People’s Bank of China shows.
China’s foreign exchange reserves have soared 17.8% from June 2008 to a record US 2.13 trillion. The country’s reserves climbed as foreign investment poured back into the world’s largest foreign reserves after overseas investors identified China as the strongest of the world’s major economies.
China’s leaders have expressed concern about the stability of the US dollar and have called for a new global currency to replace the US dollar.
Chinese investors, holding the greatest number of US Treasuries outside the US, already cut holdings by US 4.4B dollars to US 763.5B in April, the first monthly reduction since February 2008, according to US Treasury Department data.
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