China's reserves US$154.7b

China's reserves US$154.7b

BEIJING (AFP): China's foreign exchange reserves reached
US$154.7 billion by Dec. 31, 1999, up $9.7 billion from the same
date a year ago, state media has said.

The Xinhua news agency said late Saturday the exchange rate of
the Chinese currency, Renminbi, remained stable over the past
year at 8.3 yuan against the U.S. dollar.

Experts attributed the growth in reserves to measures taken by
the Beijing to encourage exports and crack down on smuggling, the
agency said.

The recovery in Asian economies from the regional economic
downturn also boosted reserves.

China reversed a decline in exports in the second half of 1999
with net exports for the year reaching $30 billion.