Annual growth in China's broad M2 measure of money supply surged in June on the back of breakneck bank lending ordered by Beijing to pump up the world's third-largest economy.  And in a sign that money is flowing back into China in anticipation that those stimulus efforts will succeed, the central bank's foreign exchange reserves leapt by $177.9 billion in the second quarter to $2.13 trillion.

China is the only country to have amassed more than $2 trillion in official currency reserves.  'Capital inflows are strong because of China's economic recovery and a red-hot property market,' said He Weijiang, an analyst with Central China Securities in Shanghai.  In a statement on its website, the People's Bank of China said reserves rose $55.14 billion in April, $80.6 billion in May -- a record for a single month -- and $42.1 billion in June.