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(adsbygoogle = window.adsbygoogle || []).push({}); China's foreign exchange reserves are "relatively abundant"-Report - Algeria latest news

BEIJING -- China's foreign exchange reserves are "relatively abundant" despite a recordmonthly drop, the State Administration of Foreign Exchange (SAFE) said Saturday.

China's foreign exchange reserves fell by $107.9 billion in December to 3.33 trillion at theyearend, the lowest level in more than three years, according to central bank data.

Nevertheless, China still holds the world's largest foreign exchange reserves, despite thesharpest monthly fall on record partly due to an interest rate hike last month by the USFederal Reserve and possible future rises.

Under persistent depreciation pressure, the Chinese yuan dipped to a five-year low againstthe US dollar this week.

The SAFE shrugged off all the concerns in an online statement, saying that fundamentals ofthe Chinese economy are sound and "generally speaking, China's financial system is stableand healthy."

The administration said it will further facilitate cross-border trade and investment, andcontinue to promote the yuan's convertibility under the capital account in an orderly manner.

The SAFE will strengthen the monitoring of China's balance of payments, and improve theregulation of foreign debt and cross-border capital flows.

It will also try to better manage the country's huge foreign exchange reserves and diversifyways of using them.

Tag(s) : #Asia-Pacific

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