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China’s outstanding yuan funds for forex edges up in February

Abstract : China's outstanding yuan funds for foreign exchange edged up month on month in February, central bank data showed on Tuesday.

BEIJING, March 16 (Xinhua) — China’s outstanding yuan funds for
foreign exchange edged up month on month in February, central bank data
showed on Tuesday.

The funds stood at 21.16 trillion yuan (about 3.25 trillion U.S.
dollars) at the end of last month, up 23.5 billion yuan from the
previous month, according to the People’s Bank of China.

As the Chinese yuan is not freely convertible under the capital
account, the central bank has to purchase foreign currency generated by a
trade surplus and foreign investment in the country, adding funds to
the money market. Such funds are an important indicator of cross-border
foreign capital flows and domestic yuan liquidity.

China’s foreign currency reserves stood at 3.2049.9 trillion U.S.
dollars at the end of February, down from 3.2106.7 trillion dollars
registered at the end of January, official data showed.

The amount fell by 5.7 billion dollars at the end of February, or
0.18 percent month on month, according to the State Administration of
Foreign Exchange. Enditem

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Source: China’s outstanding yuan funds for forex edges up in February

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