Quick Take: China’s Foreign Exchange Reserves Increase Again
China’s foreign exchange reserves, the world’s largest, rose for the 11th straight month in December to $3.14 trillion, official data showed.
About $20.6 billion was added to the country’s stockpile of foreign currencies last month, bringing the total to its highest since September 2016, when foreign exchange reserves stood at $3.17 trillion, according to central bank figures.
“The increase in the exchange rates of major non-dollar currencies and the increase in asset prices pushed up the size of (China’s) foreign exchange reserves,” the State Administration of Foreign Exchange (SAFE) said in a statement issued on Sunday.
The last time the foreign-exchange stockpile fell was in January 2017, when it dipped below what analysts widely believe was the central bank’s psychological comfort level of $3 trillion for first time in nearly six years.
The continued rebound in the accumulation of foreign exchange came after the Chinese authorities took a series of measures since the fourth quarter of 2016 to halt capital outflows, including curbing domestic companies’ investments overseas and enhancing scrutiny of individual requests for foreign currency.
December’s readings showed that cross-border capital flows and the “transaction activities of domestic and foreign entities” became “further stabilized and balanced,” SAFE said in the statement.
Contact reporter Fran Wang (email@example.com)
Jun 06 01:34
Jun 05 23:57
Jun 05 17:06
Jun 05 13:20
Jun 04 17:45
Jun 04 17:19
Jun 04 16:26
Jun 04 12:38
Jun 03 18:07
Jun 03 16:48
Jun 03 13:17
Jun 03 12:25
Jun 03 06:45
Jun 02 16:29
Jun 02 14:45
- 1Update: China to Allow Banned Foreign Airlines to Resume Some Flights
- 2Luckin Founder to Cash Out of Rental Car Unit
- 3Fighting Coronavirus: Policy Analysis and Practical Experiences
- 4In Depth: Huawei Has a Sanction-Proof Pile of Processors, but They Won’t Last Long
- 5TSMC Looks Homeward for New $10 Billion Chip Plant
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas