Growth in China's foreign exchange reserves slowed sharply in the first quarter, providing Beijing with fresh evidence in its debate with Washington over whether it intentionally undervalues the renminbi.
China's foreign exchange reserves rose by $47.9bn to $2,447bn by the end of the first quarter, compared with a $126.5bn rise in the fourth quarter of 2009, the Chinese central bank said yesterday.
The figures were released as Hu Jintao, Chinese president, prepared to meet Barack Obama, US president, at a nuclear security summit in Washington yesterday for talks almost certain to include discussion of China's currency regime.
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