share: digg facebook twitter BEIJING (AP) — China's foreign reserves have surged past $3 trillion, driven by currency controls that Washington and other governments complain are distorting trade and hampering a global recovery. The International Monetary Fund added to pressure this week for Beijing to ease the controls that fuel of the growth of its reserves, citing them as a factor that might hamper a global recovery. A stronger yuan would make imported oil and other foreign goods cheaper, easing pressure for prices to rise. [...] officials including Premier Wen Jiabao have ruled out a rapid increase, saying that might hurt Chinese companies and cost jobs, adding to social tensions. The makeup of China's reserves is secret but Beijing is believed to keep more than half in Treasury securities and other U.S.
Comment on China's foreign reserves surge past $3 trillion
Business Heds Index, Seattle Post-Intelligencer: Business
Thu, 04/14/2011 - 4:05am
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