"The realisation that the leadership wants us to have is that China is out of the woods, it's not losing reserves, and we're back to normal." "The fact that they showed the world that the reserves are stabilising at a fairly high number is an important signal," Alicia Garcia Herrero of Natixis in Hong Kong told Bloomberg. BEIJING: China's foreign exchange reserves unexpectedly increased by $6.9 billion in February, officials said Tuesday, as pressure on its currency the yuan apparently eased.The world's largest currency hoard rose to $3.01 trillion, the People's Bank of China said on its website, beating a forecast by Bloomberg News that reserves would fall to $2.97 trillion.It marked a rebound from January, when the reserves dropped by $12.3 billion to below the psychologically significant $3 trillion threshold for the first time in six years.The result follows months of declines in forex reserves as China sold dollars to defend the yuan against depreciation caused by capital outflows as its economy slows.Authorities' efforts to put the brakes on money leaving the country by propping up the value of the yuan have rapidly drained reserves.In recent months Beijing has rolled out a series of stringent new measures to curb overseas transfers, heightening the already strict requirements.Thse include cracking down on underground banking operations used to spirit money abroad and curbing "irrational" spending by companies which have been snapping up foreign assets such as football teams, luxury properties and Hollywood studios.
referring to
China forex reserves end-Feb USD 3.005trln vs USD 2.998trln prev
China forex reserves end-Feb from the PBOC 7 Marchgold reserves $74.4bln vs $71.3bln prevgold reserves 59.24m troy ounces as prevFirst mm rise since June and now back above the $3trln benchmark. Seemingly less need to intervene hence reduced cross-boarder yuan outflow.
Taiwan's forex reserves hit new high in February
Taipei, March 6 (CNA) Taiwan's foreign exchange (forex) reserves at the end of February hit a new record high of US$437.651 billion, an increase of US$1.072 billion from the previous month, according to statistics published Monday by the central bank. The assets held by foreign investors increased by US$1.92 billion, or only about 6 percent up from a month earlier. As of the end of February, local securities and bonds, and Taiwan dollar deposits held by foreign investors, had reached US$336.6 billion, accounting for 77 percent of the country's total foreign reserves. Commenting on whether a possible raising of key interest rates by the U.S. Federal Reserve in mid-March will impact Taiwan's foreign exchange reserves, Yen said the central bank will continue to watch the forex market closely in a bid to stabilize the Taiwan dollar and maintain market order. The bank said that the increase largely reflected a rise in investment returns through asset management.
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