China’s FX reserves declines
Picture used for illustrative purpose. File
Gulf Today Report
According to official data on Sunday, China’s foreign currency reserve has declined in January due to valuation effects as the dollar recorded gains.
China has the largest foreign exchange reserves in the world, it declined to $3.211 trillion last month.
In January the US dollar climbed 0.7% against other currencies, the dollar accounted for 58% of China’s reserves in 2015.
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Chinese stocks and bonds have remained firm due to foreign inflows as China records a fast pace of economic recovery.
China held 62.64 million fine troy ounces of gold at the end of January, unchanged from December.
