Mon­day For­eign ex­change re­serves hit high­est level

China Daily (USA) - - NEWS CAPSULE -

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.

(Photo 1)

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