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Report: China Now Has World's Largest Foreign Currency Reserves

China has overtaken Japan as the world's largest holder of foreign exchange reserves.

A report in the state-owned China Business News Tuesday says the country has amassed nearly $854 billion in foreign currency assets.

Analysts say the reserves are growing quickly and might top $1 trillion by the end of this year.

The flood of foreign currency comes from the payments for China's surging exports. The country's trade surplus with the rest of the world was nearly $102 billion last year.

Some information for this report was provided by AFP and Reuters.