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China Says Foreign Currency Reserves Rose to $3.04 Trillion at End-March
China’s foreign-exchange reserves, the world’s largest, topped $3 trillion for the first time, highlighting global economic imbalances. The number compared with the $2.98 trillion estimate in a Bloomberg News survey of five economists and $2.85 trillion at the end of last year. The People’s Bank of China released the data on its website today. New loans were 679.4 billion yuan ($104 billion) in March and M2 money supply rose 16.6 percent from a year earlier. Group of 20 leaders are targeting lopsided spending and saving in a bid to prevent a repeat of the global financial crisis. The higher-than-forecast gains ... (full story)