China's April foreign exchange reserves rise to $3.2 trillion

beijingwalker

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China's April foreign exchange reserves rise to $3.2 trillion

Reuters
May 7 2021

China's foreign exchange reserves, the world's largest, increased in April from a month earlier, official data showed on Friday, as the U.S. dollar weakened.

Reserves rose by $28.15 billion to $3.198 trillion, data from the central bank showed. Analysts polled by Reuters had expected the reserves to rise to $3.2 trillion from $3.17 trillion in March.

The increase was due to the dollar's fall against other major currencies held in the reserves, and to rises in global asset prices, the foreign exchange regulator said in a statement.

The yuan appreciated 1.2% against the dollar in April, while the U.S. currency fell 2.1% against a basket of other major currencies.

Strong foreign capital inflows to China also continued in April after the country posted record economic growth in the first three months of the year.

China accounted for 95% of foreign net inflows to emerging market equities last month at $13.5 billion, though flows into Chinese debt eased, data from the Institute of International Finance showed.


 

beijingwalker

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The only reason the US GDP is still bigger than China is because of massively bloated fake value of US dollars, if US dollars keep declining to 1 dollar=6 Yuan, China will become a bigger economy than US in 2026.
 
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