Home / Financial Services/ China Jan FX reserves rise for 12th month to $3.161 trillion

China Jan FX reserves rise for 12th month to $3.161 trillion


Comments / {{hitsCtrl.values.hits}} Views / Friday, 9 February 2018 00:00


BEIJING (Reuters): China’s foreign exchange reserves rose for a 12th straight month in January as further gains in the yuan currency and tighter regulations continued to discourage capital outflows.

Reserves rose $21.5 billion in January to $3.161 trillion, compared with an increase of $20.2 billion in December, central bank data showed on Wednesday.

But the gain was less than the $28 billion that economists polled by Reuters had expected.

It was the first time that China’s reserves have climbed for 12 months in a row since June 2014, and brought its stockpile – the world’s largest – to the highest since September 2016.

Capital flight was seen as a major risk for China at the start of 2017, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy.

In 2017, the yuan rose around 6.8% against the greenback, reversing three straight years of depreciation.

It appreciated a further 3.5% in January, its best monthly performance since 1994, according to Thomson Reuters data.

The value of China’s gold reserves rose to $79.675 billion at the end of January, from $76.47 billion at end-December.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Reaching global quality standards through Deming Award

Wednesday, 21 November 2018

The importance of quality in the contemporary competitive business environment cannot be over-emphasised. Total Quality Management (TQM)is a company-wide, all pervasive management philosophy, which organisations globally, in many business sectors hav


Ramsar accreditation of Colombo Wetlands: Rebranding Colombo as a Wetland City

Wednesday, 21 November 2018

Colombo, once known to be “kolonthota,” has always been identified as a wetland complex at the heart of the Kelani river delta. Today this city is increasingly drying up, with around 20 sq km left as wetlands which continue to be threatened every


Coup Sri Lanka: some winners, mostly losers

Wednesday, 21 November 2018

As a president proves shockingly stubborn, a nation waits with baited breath as to what His Excellency the loose cannon on a rocky slope will do next. Two Prime Ministers and the fates of their respective parliamentary groups hang in the balance lik


Rising dollar and bank NPA, brothers in arms?

Wednesday, 21 November 2018

The rising Non-Performing Advances (NPA/NPAs) is a matter of concern to the entire financial industry. It is a nightmare. The weekend papers have published some articles based on interviews journalists conducted with respective bank CEOs and also bas


Columnists More