78 days ago • Posted by Jasper Lawler
China FX reserves jump by most in 7 years to fight #USDCNY decline
A little over five years since China's 2015 devaluation, which sparked an avalanche of FX reserve liquidation as Beijing scrambled to halt a tsunami of capital outflows which at one point culminated in a furious wave of bitcoin buying by Chinese residents, China is once again adding FX reserves at a blistering pace.
Around the same time that the Chinese National Bureau of Statistics overnight reported a surge in exports and a record trade surplus, the PBOC also reported that at the end of November, China's Forex reserves jumped to $3.178 trillion, beating estimates of $3.15 trillion, and the highest number since August 2016.
And, at $50.5BN, this was also the biggest monthly increase in FX reserves since November 2013.