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.