China’s foreign-exchange reserve has topped $1 trillion, making it the largest reserve in the world and the first to hit 13 digits, according to Investment News.
The reserve has grown by more than 30 percent in the last year to $1.07 trillion. The growth has attracted attention to the Chinese government and allowed the Yuan to gain faster. The US and other European countries claim that China continues to maintain a weak currency to drive its exports. China has raised interest rates twice in the last year in order to reduce the pace of investment and lending.
The foreign-exchange announcement comes less than a week after China’s stock market capitalization also surpassed $1 trillion for the first time as well.