By IANS,
Beijing : China’s foreign exchange reserves reached $2.85 trillion by the end of last year, up by nearly 20 percent, the central bank said Tuesday.
The People’s Bank of China registered a total foreign exchange reserves of $2.85 trillion by Dec 31, 2010, 18.7 percent higher than the 2009 figure, the China Daily reported.
The new yuan-denominated lending in the country reached 7.95 trillion yuan ($1.2 trillion) last year, the bank said in a statement on its website.
The figure was 1.65 trillion yuan less than the 2009 level of 9.6 trillion yuan, the statement said. But it has overshot the government’s full-year target of 7.5 trillion yuan.
Chinese government had been working to tighten bank lending to curb liquidity and restrain assets bubbles by increasing one-year lending and deposit interest rate twice and bank reserve requirement ratio six times in 2010.