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BEIJING (MNI) - The expiration of some forward contracts held by PBOC
caused the central bank's December forex purchase position to decline for the
first time in four months.
FX purchase position held by PBOC fell by CNY36.319 billion from November to
CNY21.48 trillion in December.
- There was a gain of CNY2.37 billion in November.
- PBOC's FX purchase position now at lowest level since February 2011. - Total
FX reserves increased $20.67 billion in December.
***TRADER COMMENT: "It is somehow surprising, since we didn't observe huge
demand for dollar purchase by businesses; PBOC has used forward contracts to
lessen yuan depreciation in the past," said Shanghai-based forex trader at a
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