China’s foreign exchange reserves hit $2.4 trillion

China’s foreign exchange reserves rose to a record high in December 2009.

A Bloomberg news report citing information on the Bank of China website said the country’s reserves rose 23% to $2.4 trillion, making it the world’s largest.

In September 2009, the Chinese Ambassador to Ghana, Yu Wenzhe said China’s foreign reserves had reached $1,950 billion. He indicated that it rose from a mere $1.577 billion in 1978 to $1,950 billion in 2008 to rank first in the world, adding that the “opening up policy” adopted by China accelerated its socio-economic development.

By Emmanuel K. Dogbevi