Forex assets decline to lowest in over 4 years
Print Edition
CHINA’S foreign exchange reserves fell by US$28.57 billion to US$3.2 trillion in February, the lowest since December 2011, central bank data showed yesterday.
The decline was smaller than a drop of US$99.5 billion in January, according to data published by the People’s Bank of China on its website.
The country’s foreign exchange reserves have fallen four months in a row as the central bank dumps dollars to ease depreciation pressure on the yuan and prevent an increase in capital outflows.
“There is no basis for persistent yuan depreciation,” PBOC Governor Zhou Xiaochuan said in late February, adding that the decline of China’s foreign reserves is only a period of overshooting.
China’s gold reserves amounted to US$71.01 billion at the end of February, an increase from January’s US$63.57 billion.
China’s International Monetary Fund reserve position amounted to US$10.73 billion, an increase from US$3.76 billion a month earlier. The country held US$10.28 billion of IMF Special Drawing Rights at the end of last month, compared with US$10.27 billion at the end of January.
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