Foreign exchange reserves drop in Q1
Print Edition
CHINA’S foreign exchange reserves continued to drop in the first quarter of 2015 due to rising overseas investment and relaxed government controls.
Forex reserves fell to US$3.73 trillion at the end of March, down from US$3.84 trillion at the end of last year, data from the State Administration of Foreign Exchange showed yesterday.
Boosted by exports, forex reserves had grown for over a decade before beginning their decline in the third quarter of 2014.
Analysts attribute the decline to the “going global” of China’s forex assets and the suspension in compulsory forex settlement for Chinese enterprises.
Meanwhile, China’s external financial assets grew to US$6.38 trillion, according to the international investment position (IIP) published by SAFE.
China saw US$4.98 trillion of external liabilities, US$1.4 trillion of net external financial assets and US$985.8 billion of financial outbound direct investment.
It was the first time SAFE has published the IIP according to International Monetary Fund standards.
SAFE also said it approved US$75.5 billion of investment quota for qualified foreign institutional investors, US$90 billion for qualified domestic institutional investors and 391 billion yuan (US$63 billion) for RMB qualified foreign institutional investors from January to June 29.
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