The State Currency Exchange Administration (chin. 国家外汇管理局) reported that at the end of June this year China's abroad exchange reserves amounted to USD 3.22 trillion, which means a decrease of USD 9.7 billion compared to the end of May (-0.3%). According to the People's Bank of China (chin. 中国人民银行) the gold reserves remained at the same level as at the end of May, or 72.8 million ounces.
This is the second period in a row where the gold reserves stay unchanged erstwhile they had previously seen increases in the month-to-month ratio for 18 consecutive months.
According to analysts, Chinese abroad exchange reserves decreased somewhat in June due to changes in exchange rates and asset prices. However, they proceed to be above US$3.2 trillion, which promotes the stableness of RMB, the balance of capital flows and increases abroad investors' assurance in Chinese economy and finance. average and advanced export growth besides helps to keep reserves at this level.
As for gold, keeping its reserves unchanged in June since May is simply a rational choice, given that the price of gold has historically reached advanced levels. However, looking to the future, with a view to further optimising the structure of global reserves and prudently promoting the internationalisation of RMB, the possession of large gold resources by the Chinese central bank is inactive the main direction. At least that's what the People's Bank of China is declaring. According to them, gold plays a key function as a strategical act in the context of prolonged global uncertainty.
Based on:
- quinamoney.com.cn;
- quinanews.com.cn;
- baijiahao.baidu.com;Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 Chinae-mail: [email protected]
Editorial: Leszek B.
Email: [email protected]
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