This marked the highest level since September 2016, the People’s Bank of China said.
China’s foreign exchange reserves, the largest in the world, rose for the 11th month in a row to USD 3.14 trillion at the end of December, data by country’s central bank showed today.
This marked the highest level since September 2016, the People’s Bank of China said.
The reserves gained USD 20.7 billion dollars from a month earlier, faster than the market forecast, which estimated the reserves to stand at USD 3.13 trillion, official media said.
In the last few decades, China has accumulated the largest forex reserves across globe from its vast exports as it emerged the world’s factory.
Concerns rose in 2016 when the forex reserves fell below the USD 3 trillion mark for the first time, amid allegations of large capital outflows.
China’s State Administration of Foreign Exchange (SAFE) attributed the continued increase to stronger non-dollar denominated currencies and higher asset prices, while cross- border capital flows and transactions remained stable.