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CHINA PRESS: FX Rises Above USD3.3 Trillion In September

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

China’s foreign exchange reserves were USD3.32 trillion at the end of September, rising above the USD3.3 trillion mark again for the first time since December 2015, Securities Times reported citing data by the State Administration of Foreign Exchange. This was mainly due to a 0.96% decline in the U.S. dollar index over the month, alongside an appreciation of onshore yuan by 725 basis points against the greenback, the newspaper said. The accelerated allocation of Chinese assets by foreign investors following the country’s latest pro-growth measures has also provided strong support for FX stability, as the yuan continues to rise and banks' forex settlement and sales on behalf of customers have turned into a surplus, the Times said citing Wen Bin, chief economist at China Minsheng Bank.

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China’s foreign exchange reserves were USD3.32 trillion at the end of September, rising above the USD3.3 trillion mark again for the first time since December 2015, Securities Times reported citing data by the State Administration of Foreign Exchange. This was mainly due to a 0.96% decline in the U.S. dollar index over the month, alongside an appreciation of onshore yuan by 725 basis points against the greenback, the newspaper said. The accelerated allocation of Chinese assets by foreign investors following the country’s latest pro-growth measures has also provided strong support for FX stability, as the yuan continues to rise and banks' forex settlement and sales on behalf of customers have turned into a surplus, the Times said citing Wen Bin, chief economist at China Minsheng Bank.