trending Market Intelligence /marketintelligence/en/news-insights/trending/0mf6CQvvzYFD4Nntp5AacQ2 content esgSubNav
In This List

China forex reserves slip in September

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


China forex reserves slip in September

China's foreign exchange reserves dropped to $3.092 trillion in September from $3.107 trillion in August, according to data from the State Administration of Foreign Exchange, or SAFE.

Wang Chunying, SAFE's spokesperson, said monetary policy moves by major central banks, trade uncertainties and other geopolitical factors led to a stronger U.S. dollar and lower government bond prices.

Wang added that the slight fluctuations in China's foreign exchange market were due to valuation factors.

The latest figures suggest that the People's Bank of China may have sold foreign exchange reserves last month, said Martin Lynge Rasmussen, China economist at Capital Economics.

"If so, then the recent stability of the renminbi may partly reflect a step-up in PBoC intervention following the resumption of U.S.-China trade talks," Rasmussen added.

The PBoC's gold holdings increased to 62.64 million ounces in September from 62.45 million ounces in August, according to SAFE data.