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Subject:  Report: China's Currency Reserves Grow Date:  7/4/2006  11:53 PM
Author:  pencils2 Number:  1330 of 7325

Report: China's Currency Reserves Grow

Tuesday July 4, 11:50 pm ET

Report: China's Foreign Currency Reserves Grow to $925 Billion, Largest in World

BEIJING (AP) -- China's foreign currency reserves, already the world's largest, grew to US$925 billion (euro725 billion) at the end of May, a financial newspaper affiliated with the central bank said Wednesday.

Reserves rose by US$19.9 billion in April and US$30 billion in May, the Financial News said.

China's foreign reserves have mounted steadily as Beijing buys dollars and other foreign currencies in an effort to control the value of its currency, the yuan, amid an export-driven influx of foreign money.

In its last quarterly report, the central bank said China's foreign reserves totaled US$875.1 billion at the end of March.

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