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October 8, 2018

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Forex reserves edge down 0.7%

CHINA’S foreign exchange reserves edged down 0.7 percent, or US$22.7 billion from a month earlier, to US$3.087 trillion at the end of September, the central bank said yesterday.

Wang Chunying, spokeswoman for the State Administration of Foreign Exchange, attributed the contraction to a number of factors including exchange rate conversion and changing asset prices.

“Bonds usually take up a large portion of many countries’ forex reserves,” said Zhao Qingming, chief economist of derivatives institute of China Financial Futures Exchange. “The interest rate hike by the Federal Reserve has led to declines in bond prices across the world, which also influenced the asset reassessment of China’s forex reserves.”

In addition, Japanese yen weakened over 2 percent. According to Zhao, China’s forex reserves lost about US$10 billion in book value because of the weakening of yen.


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