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

Economy

Markets

Industries

Insights

Reports

Events

Forex reserves drop for first time since 2003

(China Daily)
Updated: 2008-12-24 07:38

 

China's foreign exchange reserves have declined for the first time in five years after peaking at $1.9 trillion at the end of September, a State Administration of Foreign Exchange official has said.

Related readings:  Decrease in China's forex reserves good - expert  China's forex reserves see first drop in 5 years  30 years ago, forex reserves was very low!  China's forex reserves hit record

Cai Qiusheng, head of the foreign debts section under the capital-account management department, made the remarks at an annual meeting of China's import and export enterprises held over the weekend, Shanghai Securities Journal reported yesterday.

But Cai did not say in which month, October or November, the forex reserves fell below the $1.9-trillion level, nor did he disclose the current size of the forex reserves.

Central bank data show that at the end of September, China's forex reserves stood at $1.9056 trillion, a growth of 32.92 percent over the same period of last year. The reserves increased $377.3 billion in the first nine months of this year, $10 billion more than the year-earlier increment.

Yuan Yuedong, a senior researcher with the global financial market department of Bank of China, believes the latest reduction would not affect the Chinese economy adversely.

He attributed the downtrend in forex reserves to the recent slower appreciation of the yuan and short-term depreciation against the US dollar; and possible increased offshore investment by Chinese companies.

An investment-bank analyst who declined to be named, said the forex reserve decrease might be related to capital withdrawal from China by some foreign institutions whose liquidity was tight.

But Commerce Minister Chen Deming said earlier that there was no sign of large amounts of capital flowing out of China and that China remained an attractive destination for FDI.