Central bank data released in September 7th showed that at the end of 8 China's foreign exchange reserves of $3.56, which means that in August fell by $93900000000 in foreign reserves. “ despite the recent decline in China's foreign exchange reserves for 4 consecutive months, but the size of the current foreign exchange reserves are still more, ranking first in the world, and the absolute amount of. Even taking into account the economic growth in the short term pressure, also does not appear possible impact and shorting the yuan, because it amounts to kick against the pricks. Therefore, financial stability is no doubt. ” assistant general manager of Kunlun bank's strategic investment and development department, Li Jianjun said.
Macroeconomic analysts from the Agricultural Bank of China, said: “ continued decline in foreign reserves does not need to worry, because this is not the first time China's foreign exchange reserves fell, we should comprehensively and objectively look at the decline in foreign exchange reserves. On the one hand, China's economic transformation has brought about a decline in the surplus, the dependence on foreign investment in the demographic dividend and the increase of foreign investment. On the other hand, the management direction of China's exchange rate has already changed, and the result is that the market management will produce fluctuations, rather than forcing a stable exchange rate.
In September 8th to answer reporters' questions, the central bank spokesman on the recent decline in foreign exchange reserves, said: “ in the long run, China's economy will continue to maintain rapid growth, the current account will remain in surplus, foreign direct investment and attract foreign investment continued to grow. China's foreign exchange reserves are ample, with the continuous improvement of the RMB exchange rate formation mechanism and the promotion of the internationalization of the RMB, the future of foreign exchange reserves have increased or decreased.
Interview, experts said that the impact of foreign exchange reserves, the size of the change is more factors, the change is the result of a combination of multiple factors, can not simply be reduced to the foreign exchange reserves due to the increase in capital flight. This view with the people's Bank of China deputy governor, director of the State Administration of foreign exchange, in response to the media on the issue of capital flow in the same view. Yi Gang said, in the past year, China's foreign exchange reserves fell from $3.99 to $3.65 to $7, down $about 300000000000, but this is not caused by capital outflows. On the whole, China's capital inflows and outflows are balanced. China's international balance of payments is within the normal range. At the same time, the relevant departments have been in the statistics and closely monitor the cross-border payments, to ensure that the flow of cross-border capital in a reasonable and orderly state.
In fact, the factors that affect the scale of foreign exchange reserves, including the operation of the central bank in the foreign exchange market, but also includes the price fluctuations of foreign exchange reserves investment assets, at the same time, because the dollar as the foreign exchange reserves of the measurement currency, other currencies relative to the dollar exchange rate changes can also lead to changes in the size of foreign exchange reserves. In addition, according to the International Monetary Fund on the definition of foreign exchange reserves, foreign exchange reserves in support of “ ” and other aspects of the use of funds will also be adjusted to the scale of foreign exchange reserves.
The central bank spokesman said the analysis, on August the reduction of foreign exchange reserves, the main impact factor has three aspects: first, the central bank in the foreign exchange market operations, to provide foreign exchange liquidity; two foreign exchange reserves entrusted loan projects in August, a number of financial assets of some major financial asset prices appear to be different degrees of correction. The above amount is deducted from the foreign exchange reserves. Among them, the decline in the first two foreign exchange reserves to a large extent reflects the increase in foreign exchange assets held by other subjects: on the one hand, enterprises and personal foreign exchange deposits continued to increase, which in August increased by $27000000000 compared with July; on the other hand, financial institutions, foreign exchange liquidity is also very ample. The increase in foreign currency assets held by other domestic entities means that the assets of enterprises, residents and financial institutions are more abundant, which is the &ldquo of our country, and it is the embodiment of the people &rdquo, which is conducive to promoting the balance of international payments.
