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China's forex reserve exceeds $400bln(11/27/03)

     China's foreign exchange reserve had reached 400.9 billion US dollars by the end of October, up 30 percent, or 114.5 billion US dollars, compared to the beginning ofthis year, according to sources with the People's Bank of China.

    Experts in China attributed the soaring reserves to the diversification of foreign exchange inflow channels, especially the increase of foreign direct investment.

    Other factors, such as individual citizens selling more foreignexchange to the State and more enterprises using their own reserves or foreign loans to import commodities, also contributed to the increase of the country's forex reserve, the experts said.

 


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