Forex reserves edge down 0.7%
CHINA’S foreign exchange reserves edged down 0.7 percent, or US$22.7 billion from a month earlier, to US$3.087 trillion at the end of September, the central bank said yesterday.
Wang Chunying, spokeswoman for the State Administration of Foreign Exchange, attributed the contraction to a number of factors including exchange rate conversion and changing asset prices.
“Bonds usually take up a large portion of many countries’ forex reserves,” said Zhao Qingming, chief economist of derivatives institute of China Financial Futures Exchange. “The interest rate hike by the Federal Reserve has led to declines in bond prices across the world, which also influenced the asset reassessment of China’s forex reserves.”
In addition, Japanese yen weakened over 2 percent. According to Zhao, China’s forex reserves lost about US$10 billion in book value because of the weakening of yen.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.