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Reuters

China’s foreign exchange reserves rose less than expected in August amid persistent weakness in the US dollar and solid gains in the yuan as China’s economy recovers steadily.
The country’s foreign exchange reserves – the world’s largest – rose US$10.2 billion in August from July to US$3.165 trillion, central bank data showed on Monday.
Economists polled by Reuters had expected the country’s reserves would climb by US$21.61 billion.
Foreign inflows into Chinese stocks and bonds also have been steadily rising as investors bet on an economic rebound.




Strict capital controls largely helped China keep outflows under control over the past few years despite weakening economic growth, a prolonged trade war with the United States and the shock from the coronavirus outbreak.
The yuan rose about 1.8 per cent against the US dollar in August and has extended gains into September, while the US dollar fell about 1.3 per cent in August against a basket of other major currencies.
China held 62.64 million fine troy ounces of gold at the end of August, unchanged from the end-July.
The value of its gold reserves fell to US$122.62 billion at the end of August from US$123.09 billion at the end-July.


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China economy

China’s forex reserves rose to US$3.165 trillion in August, but increase less than expected

Economists polled by Reuters had expected the country’s reserves would climb by US$21.61 billion. Photo: Reuters

China’s inward-facing ‘dual circulation’ strategy leaves many wondering where domestic demand will come from

Beijing’s new economic plan of building up its domestic market to reduce China’s reliance on exports risks being undermined by a lack of purchasing power among the people. Illustration: Kuen Lau

China’s exports boomed in August, as trade surplus with the US widened by 27 per cent

China’s trade balance narrowed to US$58.93 billion, from US$62.33 billion in July. This shows that the gap between export growth and import growth remains significant, but is narrowing. Photo: Xinhua

China and Tennessee talk investment amid Donald Trump’s decoupling drive

The central government is playing up the China International Fair for Trade in Services as the biggest event of its kind in the world since the outbreak of the coronavirus pandemic. Photo: Xinhua

(200905) -- BEIJING, Sept. 5, 2020 (Xinhua) -- Chinese Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, visits an exhibition hall of the 2020 China International Fair for Trade in Services (CIFTIS) before attending the Global Trade in Services Summit of the event in Beijing, capital of China, Sept. 4, 2020. Han declared the opening of CIFTIS 2020 in Beijing on Friday. (Xinhua/Huang Jingwen)

China tries to woo wary foreign firms with market access to offset US decoupling

China is stressing to foreign firms that it is open for business and more access to its economy is on the way. Photo: Xinhua

China exporters under pressure from soaring US shipping costs ahead of Christmas as demand outweighs supply

According to data from China’s customs administration, exports to the US by sea started growing in June from a year earlier. In July, exports to the US rose by 7.8 per cent from a year earlier, while imports increased by 16 per cent. Photo: Reuters

Economy

China Economy

Economic Indicators

Business

China Business

Money


China’s foreign exchange reserves – the world’s largest – rose US$10.2 billion in August to US$3.165 trillion, central bank data showed on Monday
Economists polled by Reuters had expected the country’s reserves would climb by US$21.61 billion



China’s foreign exchange reserves – the world’s largest – rose US$10.2 billion in August to US$3.165 trillion, central bank data showed on Monday.


Currencies

Central banks

Foreign exchange market

Currency war