Man of Thoughts
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China's foreign exchange reserves have risen to their largest level with the central bank announcing that the world's second-biggest economy has more than 2.5 trillion dollars in currency holdings
According to a statement from the People's Bank of China, the country's currency holdings rose about USD 194 billion in the third quarter of the year, standing at USD 2.65 trillion.
Meanwhile, another report by the customs bureau said that September exports were the second-highest on record at USD 145 billion.
Beijing has been accused of manipulating its currency exchange rate in order to gain a competitive advantage in global trade.
The move has prompted other developed nations to pursue the same policy despite experts' warning that any such currency war will have disastrous effects on the global economic recovery.
China's current reserves are the world's largest.
The currency debate has intensified tension between the US and China. Washington blames China for holding the yuan low so that Chinese goods can enjoy a fake competitive edge over other products.
China has continued to resist pressures from the US to raise the value of its yuan currency against the US dollar.
Chinese President Hu Jintao responded to the pressure in April, saying the value of the yuan will not balance the Sino-US trade, nor will it solve America's unemployment problem.
Senior officials in Beijing say China will firmly stick to its own path for reforming the yuan.
According to a statement from the People's Bank of China, the country's currency holdings rose about USD 194 billion in the third quarter of the year, standing at USD 2.65 trillion.
Meanwhile, another report by the customs bureau said that September exports were the second-highest on record at USD 145 billion.
Beijing has been accused of manipulating its currency exchange rate in order to gain a competitive advantage in global trade.
The move has prompted other developed nations to pursue the same policy despite experts' warning that any such currency war will have disastrous effects on the global economic recovery.
China's current reserves are the world's largest.
The currency debate has intensified tension between the US and China. Washington blames China for holding the yuan low so that Chinese goods can enjoy a fake competitive edge over other products.
China has continued to resist pressures from the US to raise the value of its yuan currency against the US dollar.
Chinese President Hu Jintao responded to the pressure in April, saying the value of the yuan will not balance the Sino-US trade, nor will it solve America's unemployment problem.
Senior officials in Beijing say China will firmly stick to its own path for reforming the yuan.
