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BEIJING, April 12: China announced on Thursday its forex reserves, already the world's largest, had surpassed $1.2 trillion, reflecting the central bank's struggle to keep the nation's currency from soaring. At $1.202 trillion, the reserves were up 12.7pc from the beginning of the year, and 37.4pc from 12 months earlier, the People's Bank of China said in a statement on its website. “Even for China it's a very strong increase,” said Paul Cavey, Hong Kong-based China economist with Macquarie Securities.—AFP
