bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Reuters

China’s foreign exchange reserves rose more than expected in December as the yuan rebounded after Washington and Beijing reached a partial trade deal.
China’s foreign exchange reserves, the world’s largest, rose US$12.3 billion in December to $3.108 trillion, central bank data showed on Tuesday.
Economists polled by Reuters had expected China’s reserves to rise by US$7.4 billion to US$3.103 trillion.
The reserve increase in December was due to changes in currencies and the prices of international assets that China holds, the foreign exchange regulator said in a statement.


For 2019 as a whole, reserves climbed US$35.2 billion, which compared with a drop of US$67.2 billion in 2018.
China used US$1 trillion of reserves supporting the yuan during the previous economic downturn which was marked by rapid capital flight and a surprising yuan devaluation in 2015.
Strict capital controls have helped China keep outflows under control over the past year despite an escalating trade war with the United States and weakening economic growth at home. China has stepped up efforts to lure foreign investment in its bonds and stock markets.
In December, the yuan rose about 1 per cent against the US dollar, but it still fell 1.5 per cent over the year.

 
The dollar fell 1.9 per cent in December against a basket of major currencies.
The People’s Bank of China (PBOC) said in its 2020 work plan ­published on Sunday that it would let financial markets play a decisive role in deciding exchange rates, while reiterating that it would keep the yuan stable within a reasonable range.
Analysts say moves in the currency will continue to be driven largely by trade headlines, rather than expectations of more monetary policy easing.
Though details of the US-China phase one trade deal are still sketchy, Washington says Beijing has agreed to refrain from competitive currency devaluations and to not target its exchange rate to gain an export advantage.


China plans to set a lower economic growth target of around 6 per cent in 2020 from a range of 6 to 6.5 per cent in 2019, relying on increased state infrastructure spending to ward off a sharper slowdown, policy sources said.
Growth cooled to 6 per cent in the third quarter last year, the slowest pace since the early 1990s.
On New Year’s Day, the PBOC announced it was cutting the amount of cash that banks must hold as reserves for the eighth time in nearly two years in a bid to spur more bank lending.
China has also started trimming key interest rates in recent months, and analysts expect further easing this year until the economy is back on a more solid footing.


China has been ramping up its gold reserves over the past year.
It held 62.64 million fine troy ounces of gold at the end of 2019, up 5.2 per cent from 59.56 million ounces at the end of 2018.
The value of China’s gold reserves rose to US$95.406 billion at the end of December from US$91.469 billion at the end of November.


BYD’s four-year profit run ends, eyes global markets as next engine of growth

Air China subsidiary to lease 10 Boeing jets in deals worth about US$400 million

Chinese market regulator tells firms to focus on healthy competition overseas

China’s economy big enough to absorb Iran war shocks, says Justin Lin

China economy

China’s forex reserves rise more than expected in December as trade war deal helps yuan rebound

China’s foreign exchange reserves, the world’s largest, rose US$12.3 billion in December to $3.108 trillion, central bank data showed on Tuesday. Photo: Reuters

China pledges ‘prudence’ in diversifying its foreign exchange reserves in 2020 as global risks rise

China says it will ‘steadily and prudently’ diversify its US$3.1 trillion foreign exchange reserve holdings. Photo: Reuters

China last week cut the weighting of the US dollar in a basket of foreign currencies used to determine the strength of the yuan. Photo: Reuters

China’s forex  reserves fall US$9 billion in November on lower valuation of assets

China’s foreign exchange reserves fell to US$3.096 trillion in November. Photo: AP

FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

China’s US$4.3 billion IPO highlights investor confidence in world’s largest rail network

On Monday, more than 12 million retail investors expressed interest in the initial public offering (IPO) for the company which is owned by the state-owned China Railway, and was aiming to raise 30 billion yuan (US$4.3 billion) in Shanghai. Photo: Xinhua

China plans to spend 800 billion yuan (US$115 billion) on railway investment in 2020. Photo: Xinhua

China policy meeting agreed to support growth of about 6 per cent next year, analysts say

Three days of meetings involving senior Communist party officials have laid out a course for the Chinese economy in 2020. Photo: AFP

China's President Xi Jinping greets the media prior to the BRICS summit in Brasilia, Brazil November 14, 2019. Pavel Golovkin/Pool via REUTERS

China’s economic growth worse than expected, sinking to new low of 6.0 per cent in third quarter amid US trade war

The Chinese government has set a target range of 6 to 6.5 per cent for the overall growth rate in 2019. Photo: AP

The Chinese government has set a target range of 6 to 6.5 per cent for the overall growth rate in 2019. Photo: Reuters

Economy

China Economy

Economic Indicators


China’s foreign exchange reserves, the world’s largest, rose US$12.3 billion in December to $3.108 trillion, central bank data showed on Tuesday
For 2019 as a whole, reserves climbed US$35.2 billion, which compared with a drop of US$67.2 billion in 2018



China’s foreign exchange reserves, the world’s largest, rose US$12.3 billion in December to $3.108 trillion, central bank data showed on Tuesday.


Currencies

Yuan

Central banks

Foreign exchange market