Increase in yuan funds outstanding for forex shrinks
Source: Xinhua |
March 17, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S yuan funds outstanding for foreign exchange increased by 25.12 billion yuan (US$3.97 billion) month on month in February, the central bank said yesterday.
This meant the central bank bought 25.12 billion yuan worth of foreign exchange from commercial banks last month to offset the same amount of foreign exchange inflow, as China's currency is inconvertible under the capital account.
The rise, however, shrank sharply from 140.9 billion yuan registered in January. The total balance of the funds stood at 25.52 trillion yuan as of the end of February, according to the People's Bank of China.
Analysts said the decelerating growth was related to a trade deficit in February. China notched a trade deficit of US$31.48 billion in the month, the largest in more than a decade.
This meant the central bank bought 25.12 billion yuan worth of foreign exchange from commercial banks last month to offset the same amount of foreign exchange inflow, as China's currency is inconvertible under the capital account.
The rise, however, shrank sharply from 140.9 billion yuan registered in January. The total balance of the funds stood at 25.52 trillion yuan as of the end of February, according to the People's Bank of China.
Analysts said the decelerating growth was related to a trade deficit in February. China notched a trade deficit of US$31.48 billion in the month, the largest in more than a decade.
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