The story appears on

Page A11

February 8, 2018

GET this page in PDF

Free for subscribers

View shopping cart

Related News

HomeBusinessFinance

Forex reserves rise again

CHINA’S foreign exchange reserves rose for the 12th straight month to US$3.16 trillion at the end of January, official data showed yesterday.

The amount was slightly below the market forecast of US$3.17 trillion, and was US$21.5 billion up from the end of December, according to the People’s Bank of China.

A statement from the State Administration of Foreign Exchange attributed the increase to stronger non-dollar currencies and higher asset prices.

Cross-border capital flows and transactions remained stable in January, it said.

China’s forex stockpile has increased steadily since February 2017 after dipping below US$3 trillion in January, as the economy got on a firmer footing and the yuan continued to stabilize.

The reserves will continue to maintain overall stability in future, SAFE said, citing positive economic fundamentals and a recovering global economy.

It predicted a more balanced forex supply and demand, noting that the yuan’s exchange rate would see more “two-way movement.”

“As cross-border capital flows became more balanced, the administration returned to a neutral macro-prudential policy,” Pan Gongsheng, head of SAFE, wrote in an article published yesterday.

“The administration will continue to support legal cross-border fund outflows and inflows while cracking down on illegal flows,” Pan noted.

He said SAFE would adopt a rational perspective on changes in forex reserves and target a “dynamic equilibrium” in international payments.


 

Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

娌叕缃戝畨澶 31010602000204鍙

Email this to your friend