China Foreign Currency Reserves Passed $1 Trillion in November

China's foreign currency reserves, already the world's largest, reached $1.039 trillion at the end of November, according to central bank researchers, reports Dow Jones Newswires. The central bank officially said in its last quarterly report that the reserves had risen to $987.9 billion by the end of September.

Foreign currency reserves are now about 40% of China's annual economic output and accounts for half of all Asian reserves. 

Economists believe about nearly 70% of China reserves is in U.S. Treasury bills and the the central bank made an estimated $29 billion profit last year from its foreign assets.. 

China's trade surplus has reached a record $177.5 billion last year.

Japan, with $895 billion at the end of December, has the world's second-biggest foreign reserves.  Japan had $749.29 billion dollars in foreign securities as of December 31.

According to the IMF data, Japan was the second-largest foreign reserve holder as of the end of August, which it held 864.7 billion dollars. China was the largest holder with 975.6 billion dollars, and Taiwan was third with 261.7 billion dollars.

India's foreign exchange reserves has steadily increased from $5.8 billion as at end-March 1991 to $165.3 billion as at end-September 2006.

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