China has boosted its foreign exchange reserves by US$301.7 billion during the first nine months of this year, Xinhua news agency reported Wednesday, citing the State Administration of Foreign Exchange (SAFE). As of end-September, the country’s forex reserves totaled US$3.66 trillion, up 11.49 percent from a year earlier and marking a historic high, the report said. Meanwhile, gold reserves totaled 33.89 million ounces, remaining unchanged since April 2009. The increase in foreign currency reserves stemmed from China’s ongoing trade surplus, increased direct investment from overseas and stronger capital inflows due to expected gains in the renminbi, Bank of China senior analyst Zhou Jingtong was quoted as saying.
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