China's reserves rise to nearly $3.2 trillion

China's foreign reserves have risen to nearly $3.2 trillion, driven by its controversial currency controls.

The central bank said Tuesday the reserves soared by 30.3 percent over a year earlier and increased by some $157 billion over the past three months.

China's reserves have risen as Beijing buys foreign currency to restrain the rise in its own yuan.

Washington and other trading partners want an end to the controls, which they say give Chinese exporters an unfair price advantage and swell the country's multibillion-dollar trade surplus

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