China’s foreign-exchange reserves, the world’s largest, topped $1 trillion for the first time, adding pressure on the government to let the yuan gain faster.
Currency assets excluding gold climbed 30 percent from a year earlier to $1.07 trillion at Dec. 31, the People’s Bank of China said on its Web site today, confirming past statements by government officials.
China’s reserves climbed from $988 billion at the end of September and $819 billion at the end of 2005. The amount is more than double the $408.5 billion estimated by the Asian Development Bank as needed for the country to guard against external shocks.
One of the reasons of this growth is its huge trade surplus.