ecns [expanded by feedex.net]: China's foreign reserve flight went to citizens and companies: Central bank

ecns [expanded by feedex.net]

ecns

China's foreign reserve flight went to citizens and companies: Central bank
http://www.ecns.cn/business/2016/03-06/201749.shtml
Mar 6th 2016, 21:06





Sunday Mar 06, 2016








Yi Gang, a member of the 12th National Committee of the Chinese People's Political Consultative Conference, answers questions during a press conference on the supply-side structural reform at the Great Hall of the People in Beijing, capital of China, March 6, 2016. (Xinhua/Chen Junqing)

China's significant foreign reserves reduction largely went to its citizens and companies, central bank deputy governor Yi Gang said at a press conference Sunday.
"China's foreign reserves declined by about half a trillion U.S. dollars in 2015," said Yi. "Mainly, the reserves went to Chinese citizens and companies."
Last year, deposits of U.S. dollars within China increased by tens of billions. Banks increased their stack of greenbacks by around 100 billion, and corporate debts denominated in U.S. dollar dropped by around 100 billion, said Yi.
Corporate and individual outbound payments in foreign currencies surpassed inbound payments by 240 billion U.S. dollars last year, Yi said.
Major outbound payments include tourism, education and consumption expenditures.
Plus, the U.S. dollar appreciated against other currencies last year, Yi added.
"By and large, the majority of foreign reserve losses can be explained by the gains made by citizens and companies," Yi said.
Yi was asked about China's foreign reserves twice at a press conference on the sidelines of the fourth session of the 12th Chinese People's Political Consultative Conference (CPPCC) National Committee, of which he is a member.
China's foreign reserves are diversified, he said, reflecting China's trade, investment and payment structures.
Moreover, China follows the standards set by the International Monetary Fund when calculating foreign reserves, Yi said, stressing that assets that lack in liquidity were not included.
¡¡¡¡


Central bank cuts reserve requirement to boost liquidityPBOC charges reserve on offshore yuan depositChina to levy reserve requirements from overseas financial institutionsCentral bank governor plays down forex fluctuationChina forex settlement deficit continues




President Xi warns against 'Taiwan independence' in any formChina's population to reach 1.42 billion by 2020China ratchets up antipollution effortPresident Xi says Shanghai can 'pioneer' reform, innovationIndonesian Food Festival opens in Beijing


China's foreign reserve flight went to citizens and companies: Central bank Global audience most impressed by China's job creation target: poll Graft busters discipline nearly 300,000 officials in 2015 Schedules for NPC, CPPCC annual sessions on March 7 China targets pornography on cloud storage






You are receiving this email because you subscribed to this feed at https://blogtrottr.com

If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt