Million-dollar-a-minute growth in Chinese reserves

The People's Bank of China accumulated foreign exchange reserves at an average rate of just over $1 million per minute in the first six months of 2007. The central bank said on 11 July that reserves had grown by $266.3bn to $1.33 trillion between January and June, in excess of the $247.3bn reserves accumulation in 2006.

The pace of accumulation has also been fairly consistent in the first two quarters of the year. China's reserves expanded by $130.6bn in the second quarter, compared to $135.7b