At end-December, China's foreign exchange reserves stood at USD3.24 trillion, and the USD/CNY exchange rate was 7.0827. 6. RMB cross-border settlement under the current account reached RMB14.03 trillion and RMB cross-border settlement of direct investment posted RMB7.6 trillion for the year 2023...
5. Official foreign exchange reserves stood at USD3.19 trillion At end-June, China’s foreign exchange reserves stood at USD3.19 trillion, and the USD/CNY exchange rate was 7.2258. 6. RMB cross-border settlement under the current account reached RMB6.3 trillion and RMB cross-border settlement ...
The National Development and Reform Commission (NDRC) held a press conference to update the effectiveness of two new policies “promoting large-scale equipment update and trade-in-plus for consumer goods”. RMB 150 billion in government bonds have been issued with the proceeds sent to “4,600 e...
For countries in a floating exchange rate regime, the current account and the capital and financial accounts of the balance of payments will tend to balance. They will sum to zero, or something close to it. The difference, measurement errors aside, is the change in official reserves. And in...
Financial institutions in China, including banks, received a total of USD 8.29 bn in net foreign direct investment in the full year of 2014, the State Administration of Foreign Exchange (SAFE) announced on March 4. Also, Chinese financial firms made USD 6.12 bn in net outbound direct investmen...
The recent strength in RMB exchange rate may have contributed to the reversal of the policy. The CNY appreciation has sped up notably since August – the CNY gained 4.0% vs. the USD and 2.5% vs. the trade-weighted basket in the past five weeks (Figure 1). The momentum picked up furthe...
The next battle for the PBoC: Last week, we published a report on the longtermoutlook for the RMB (How to think about the RMB?). Against theconsensus, which expects the RMB to have a trend depreciation, we forecastthe USD/CNY to end 2017 at 6.4 and appreciate more in the long run....