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China's foreign reserves reach $ 154.7bn

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

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

To encourage exports, China increased export rebates and shortened the time needed to pay rebates to exporters. AFP