国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Chinese banks' forex purchases increase

Xinhua | Updated: 2013-04-11 15:53

BEIJING - China's central bank and commercial banks saw their yuan funds outstanding for foreign exchange continue to increase amid expectation of a rising yuan as the world's second largest economy gradually recovers.

After buying a record high of 683.7 billion yuan ($109.2 billion) worth of foreign currencies in January, Chinese financial institutions purchased 295.4 billion yuan of foreign exchanges in February, the 3rd straight month of increases, data from the central bank showed.

As of the end of February, Chinese financial institutions' total yuan funds outstanding for foreign exchange amounted to 26.83 trillion yuan.

Analysts attributed the continuing increases to companies' willingness to hold assets in yuan as its value has trended upward. On Wednesday, the yuan hit a record high against the US dollar.

The phenomenon also suggests increasing capital inflow to China against the backdrop of a gentle recovery in the economy.

"The capital inflow and China's widening trade surplus in the first quarter are the major reasons for the yuan's appreciation pressures," noted Wang Tao, chief economist with UBS Securities.

To mop up excess liquidity resulted by the funds, the People's Bank of China has been draining liquidity via open market operations.

This week, altogether 76 billion yuan has been removed from the money markets through 28-day repos in the bank's regular open market operations

Considering the 59 billion yuan in central bank repos and bills maturing, it actually withdrew 17 billion yuan from the markets, a softer move from a week earlier, which analysts read as the bank's attempt to keep moderate liquidity to support the tepid economic recovery in the context of the lower-than-expected inflation data.

The country's consumer price index rose 2.1 percent year-on-year in March, down from a 10-month high of 3.2 percent in February, and the producer price index, which measures wholesale inflation, fell for the 13th consecutive month.

The mild inflation and relatively gentle recovery suggests little possibility of monetary tightening, while ample liquidity in the markets makes policy easing equally unlikely, according to analysts.

"The monetary policies will be set to neutral," said Peng Wensheng, chief economist at the China International Capital Corporation.

The Chinese economy saw its slowest growth in 13 years in 2012, increasing 7.8 percent, but growth began to show signs of recovery in the fourth quarter of last year.

China is due to release the key economic data for the first quarter next week.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
上饶县| 清原| 西安市| 景谷| 洛南县| 喜德县| 当阳市| 桐城市| 涿鹿县| 白水县| 德安县| 阳原县| 靖西县| 宁安市| 香格里拉县| 肃宁县| 大方县| 大连市| 金阳县| 霸州市| 上林县| 集安市| 海丰县| 故城县| 慈利县| 军事| 开封县| 巴楚县| 遂川县| 定结县| 灌云县| 台山市| 乌鲁木齐市| 新泰市| 昌都县| 视频| 太湖县| 郁南县| 榆林市| 墨江| 泗洪县|