China says foreign assets hit $2.9 trln at end-'08

Published: 19 May 2009 00:59:29 PST

BEIJING, May 19 - China's foreign financial assets rose 23 percent last year to reach a total of $2.92 trillion, the foreign exchange regulator said on Tuesday.

Of that amount, nearly $2 trillion, or 67 percent, were China's official foreign exchange and gold reserves, the State Administration of Foreign Exchange said.

The remainder, roughly $900 billion, were foreign assets, including direct investments and equity stakes, held by Chinese private firms, state-owned banks and companies as well as other non-state investors.