Tuesday, January 16, 2018

China says diversifying forex reserves

China is diversifying its foreign exchange reserves in order to safeguard their value, the State Administration of Foreign Exchange, the country's currency regulator, said on Thursday, dismissing media reports that it was halting or reducing its purchases of United States debt.

Currency regulator dismisses reports on slowing US treasury purchases China is diversifying its foreign exchange reserves in order to safeguard their value, the State Administration of Foreign Exchange, the country’s currency regulator, said on Thursday, dismissing media reports that it was halting or reducing its purchases of United States debt. The country’s foreign exchange reserves are expected to remain balanced and stable this year, given the prospects of sound economic growth and the further opening-up of the financial sector, it said. The expected stable reserves will also be supported by improved market expectations and the sustainable recovery of global economy, which in turn will boost external demand. In a statement on its website, the forex regulator denied earlier media reports that the government is reducing or suspending the purchases of US Treasury bonds. “The report might have been attributed to the wrong source or could be fake news,” it said. By the end of December 2017, the country’s total foreign exchange reserves had reached $3.14 trillion, up by 0.66 percent or $20.7 billion compared with the level in November 2017. It also marked the 11th straight month of increase, according to data from the regulator. “Slight fluctuation in the global financial markets, along with the rises of non-US dollar currencies’ exchange rates and asset prices in December drove the growth of the foreign exchange reserves,” it said. In 2017, the country’s foreign exchange reserves had dropped to 2.998 trillion by the end of January, after which it rebounded by 4.3 percent or $129.4 billion during the whole year, showed the official data. As the overall economic situation remained stable last year, cross-border capital flows showed a more stable and balanced…

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