China’s 2010 forex reserves hit record

BEIJING: China said Tuesday its foreign exchange reserves hit a record high at the end of 2010 as new loans topped an official target, highlighting Beijing’s difficult task of stemming a flood of liquidity.

The country’s stockpile of foreign currencies, already the world’s largest, expanded 18.7 percent from a year earlier to $2.847 trillion at the end of December, the central bank said in a statement.