Monday Foreign exchange reserves hit highest level
China’s foreign exchange reserves in September rose to their highest level this year to $3.11 trillion, marking growth for the eighth straight month, as capital outflows eased thanks to the stronger renminbi, central bank data showed.
The reserves were up by $17 billion last month, while the increase in August was $10.5 billion, according to the People’s Bank of China.
It was the first time that the country’s foreign exchange reserves had grown for eight consecutive months since June 2014.
The State Administration of Foreign Exchange said that stabilized and more balanced cross-border capital flows, with the increased value of foreign exchange reserve investment, had boosted the growth.
Guan Tao, former director of the international payments department at SAFE, said that capital outflow pressure has significantly eased as the yuan has seen solid appreciation since August.