China's foreign exchange reserves hit US$1.066 trillion at the end of 2006, the People's Bank of China said Monday. This represents a 30.22% increase on the 2005 figure, the South China Morning Post reported. The announcement is the first official confirmation of reports at the end of 2006 that the country's cash holdings had topped the US$1 trillion mark and that China had overtaken Japan as the largest holder of foreign currency. The yuan ended Monday at a record high of 7.7918 over the counter against the US dollar, compared to 7.7984 on Friday.
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