Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Chinese Company Found Guilty of Making Jaguar Land Rover Copycat Is Appealing
Streaming Video Leader Bilibili Tries to Assuage Users After Massive Code Leak
Starbucks China Rival Luckin Coffee Files for U.S. Listing
LATEST
Former Guizhou Governor Gets 20 Years in Prison and $26 Million in Fines for Corruption
Tencent-Backed Private Healthcare Platform Raises $250 Million
Investors Give Thumbs Down to China Mobile, Unicom Earnings
China’s Civil Code Could Include Tightened Provisions on Gene Editing
Seven Companies to Start Selling First Funds for High-Tech Board Stocks
Top Chinese Prosecutor Says It Ordered Former Interpol President’s Arrest
‘Avengers’ Fans Swarm Chinese Cinemas for Premiere
Beijing’s New Airport Invites Fierce Competition for Seoul and Paris Routes
Local Governments Report Upbeat Economic Data
Electronics Giant TCL Posts Strong Revenue Growth After Reorganization
Fosun Chairman Tells Jack Ma He’s Been ‘Thinking About Succession’
High-Tech Board Publishes ‘Common Problems’ It’s Seen in Applications So Far
China’s State Firms Report Solid Performance
Draft Revision to Securities Law Adds New Section for High-Tech Board
Power Grids Face Stricter Price-Setting Oversight
EV Explosions Spark Safety Concerns
Popular KMT Politician Fuels Speculation Over Run for Taiwan’s Top Office in 2020
China’s Tax Cuts Total $50 Billion in First Quarter
Hainan Officials Given 'Demerits' for Damaging Environment
China’s Bike-Sharing Startup Ofo Is Being Booted From Singapore

By Charlotte Yang / Feb 12, 2019 03:51 PM / Finance

Photo: VCG

Photo: VCG

China’s foreign exchange reserves grew for the third consecutive month in January, up 0.5% from December to $3.088 trillion, official data showed Monday. The January climb of $15.2 billion was a greater increase than December’s $11 billion and November’s $8.6 billion, according to data from the People’s Bank of China (PBOC).

Higher financial asset prices and movements in exchange rates were the main drivers of January’s pick-up, said Wang Chunying, spokesperson of the State Administration of Foreign Exchange. Wang said the Chinese foreign exchange market maintained a basic equilibrium and cross-border capital flows were stable in January.

The yuan, also known as the renminbi, has been facing less downward pressure as trade tensions between China and the U.S. ease and U.S. bond yields fall, according to a research note published by Capital Economics on Monday.

“The PBOC appears to have intervened little in forex markets last month, suggesting that the renminbi is not facing much downward pressure at present. However, with the economy likely to slow and interest rates likely to fall further over coming months, pressure is likely to return later this year,” said Capital Economics.

Related: China Sets Up New Forex Reserve Investment Arm

Support independent journalism from China. Subscribe to Caixin Global starting at $0.99.

Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.