China’s foreign exchange reserves rose by only US$108 billion last year, despite a large trade surplus. Photo: AFP
China’s foreign exchange reserves rose by only US$108 billion last year, despite a large trade surplus. Photo: AFP
China economy
Economy /  China Economy

China’s forex reserves grew marginally in 2020, despite near-record trade surplus. Where did the money go?

  • China’s foreign exchange reserves rose by only US$108 billion last year, despite a large trade surplus
  • The gap reflects money being allowed to flow out of China as Beijing tempers excessive yuan appreciation

Karen Yeung
Karen Yeung

Updated: 10:04am, 4 Feb, 2021

Why you can trust SCMP
China’s foreign exchange reserves rose by only US$108 billion last year, despite a large trade surplus. Photo: AFP
China’s foreign exchange reserves rose by only US$108 billion last year, despite a large trade surplus. Photo: AFP
READ FULL ARTICLE