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China has 1st quarterly drop in forex reserves since 1998
Source: Xinhua |
January 13, 2012, Friday
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Online Edition
Online Edition
China's central bank said today that the country's foreign exchange reserves as of the end of the fourth quarter last year topped US$3.18 trillion, down US$20.6 billion from the previous quarter.
The net quarterly decrease was the first since the second quarter of 1998 for China, which is currently the largest holder of foreign exchange reserves around the world.
In breakdown, foreign exchange reserves increased by US$72.1 billion in October, but decreased by US$52.9 billion and US$39.76 billion respectively in November and December, according to data from the People's Bank of China (PBOC), the central bank.
However, on a year-on-year basis, the nation's foreign exchange reserves still expanded from US$2.85 trillion by the end of 2010.
The PBOC data released Friday also showed the country's yuan funds outstanding for foreign exchanges fell to 25.36 trillion yuan (US$4 trillion) in December, down 100.3 billion yuan from November. The December data also marked the third monthly decline.
The net quarterly decrease was the first since the second quarter of 1998 for China, which is currently the largest holder of foreign exchange reserves around the world.
In breakdown, foreign exchange reserves increased by US$72.1 billion in October, but decreased by US$52.9 billion and US$39.76 billion respectively in November and December, according to data from the People's Bank of China (PBOC), the central bank.
However, on a year-on-year basis, the nation's foreign exchange reserves still expanded from US$2.85 trillion by the end of 2010.
The PBOC data released Friday also showed the country's yuan funds outstanding for foreign exchanges fell to 25.36 trillion yuan (US$4 trillion) in December, down 100.3 billion yuan from November. The December data also marked the third monthly decline.
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