China’s reserves pass $3 trillion

CHINA’S foreign exchange reserves, the world’s biggest, hurtled past the $3 trillion (£1.8 trillion) mark in March, up 24.4 per cent over the last year, its central bank said yesterday.

The reserves rose by $197bn (£120.6bn) in the first-quarter of 2011 and have now nearly tripled Japan’s holdings, the world’s second-biggest official currency reserves.
Heavy criticism from the US and other governments is mounting around China, which is accused of distorting trade and the global economy.