PBOC’s derivatives data out for 1st time
Print Edition
THE People’s Bank of China reported data on its derivatives holdings positions in forwards and futures in foreign currencies versus the yuan for the first time yesterday.
The move should help address appeals from investors and the International Monetary Fund that the central bank cast more light on its derivatives holdings, given allegations that it has been using currency swaps and other derivatives to intervene in offshore foreign exchange markets to support the yuan.
The lines on short positions and long positions appear in a spreadsheet that could be downloaded from a table published by the PBOC on its website yesterday afternoon.
It showed the PBOC holds a nominal short position of US$28.9 billion and US$2.44 billion in total long positions.
“The nominal short position ... mainly reflects PBOC’s forex forward position with commercial banks to meet the demand of enterprises to hedge their liabilities denominated in foreign currencies,” the PBOC said in a note with the table.
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