China's forex reserves fall for first time in 5 years

(Agencies)
Updated: 2008-12-23 10:35

BEIJING – China's foreign exchange reserves, the world's largest, have fallen for the first time in five years, according to the comments of a senior forex official reported in the local media.

US dollar notes are exchanged at a local bank in Beijing. China's foreign exchange reserves, the world's largest, have fallen for the first time in five years, according to the comments of a senior forex official reported in the local media. [Agencies]

"The forex reserves have fallen for the first time since December 2003," Cai Qiusheng, an official at the capital account management department under the State Administration of Foreign Exchange, was quoted as saying.

China's foreign exchange reserves topped 1.9 trillion dollars at the end of September, according to central bank figures.

Cai did not give a new figure for China's current forex reserves, according to the transcript of his weekend speech, which was carried by the Sina.com website.