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China holds more foreign exchange reserves than any other country: about $3.66 trillion worth at the end of September, according to the country's central bank.
The PBOC would then have to buy even more foreign exchange to hold down the yuan, increasing the required amount of sterilisation.
But the risk is that such measures might escalate in the longer term, he added, while more foreign exchange intervention is likely.
By the time when the Chinese economy has been rebalanced, no one knows how much more foreign exchange reserves China would have accumulated.
A senior Chinese economic policy maker, Xu Lin, expressed concern here on Monday that the reserves might grow faster if speculators started pushing more foreign exchange into China in the months ahead.
Peru's exports, meanwhile, are climbing and would bring more foreign exchange into the country if not for the decline in prices of some commodities, like zinc, that play a big part in the economy.
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China and South Korea hold more foreign-exchange reserves than ever before.
Unifying the currency without triggering high inflation requires the backing of more foreign-exchange earnings.
One option would be to allow firms to retain more foreign-exchange earnings; at present most have to be sold to the People's Bank of China.
By making life more difficult for the continent's manufacturers, the rise in the currency is not one of them.The euro has even risen against the Swiss franc, a currency that was so strong in 2011 and 2012 that the Swiss accumulated more foreign-exchange reserves than any other country in the world.
Given that Europe is the region's main trading partner, the adoption of the euro ought perhaps to be good news, because it removes even more foreign-exchange risk.West and Central Africa's exchange rate no longer seems so overvalued as it did.
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