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Financial News: China's Forex Reserves Increase In December

China's Forex Reserves Increase In December

01/07/2020 - 04:42:00 (RTTNews)

(RTTNews) - China's foreign exchange reserves increased in December largely due to valuation effects, data from the People's Bank of China showed Tuesday.

Foreign exchange reserves rose about $12.3 billion from November to $3.108 trillion at the end of December.

Official reserves figures suggest that the central bank continued to refrain from direct forex intervention last month, Julian Evans-Pritchard, an economist at Capital Economics, said.

With outflows moderating and pressure on the renminbi subsiding, the People's Bank has little reason to worry about the impact of monetary easing on outflows and the currency, the economist added.

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