China's Foreign Exchange Surplus Hits $1.81 Trillion

15 July 2008

BEIJING: China, once seen by the Nato alliance as a potential military threat, could almost afford to demobilize its circa 1.4 million armed ground forces, relying instead on the exponential growth of its financial and economic might.

The nation's central bank, People's Bank of China, announced Monday that its foreign reserves at June 30 stood at $1.809 trillion (€1.14tr; £909.3bn), a year-on-year increase of 35.73%.

Much of this fiscal hike came at the expense of the United States. China's dollar reserves increased to $280.6bn, up $14.3bn on the same period last year.

Data sourced from People's Daily Online (China); additional content by WARC staff