China Forex Reserves Rise for Eighth Straight Month

China Forex Reserves Rise for Eighth Straight Month”

China's yuan inched up against the US dollar on Monday on the first day of trading after a week-long National Day holiday amid thin liquidity and as traders awaited cues on the currency ahead of a key national leadership meeting next week. The yuan ended September weaker against the dollar compared with the start of the month.

China's central bank lifted its official yuan midpoint to 6.6273 per dollar on Tuesday, its first firmer fixing since September 22, reflecting spot yuan performance a day earlier. The move in the midpoint was the biggest strengthening in percentage terms since September 8.

The yuan's daily exchange rate reference was 6.6493 per dollar on Monday, while the onshore spot exchange rate climbed to 6.6285 at the close.

A Shanghai-based trader at a foreign bank said there was some slight corporate dollar buying in morning trade but that the market is still trying to determine what the next direction for the yuan is likely to be.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

China's forex reserves, the highest in the world, rose for the eighth month in a row to over Dollars 3.1 trillion in September as pressure from capital outflow eased, according to official data released today.

A dramatic slowdown in capital flight - which had been seen as one of the biggest risks to China - has helped boost confidence in the world's second-largest economy ahead of a key Chinese Communist Party meeting this month, at which Chinese President Xi Jinping (習近平) is expected to consolidate his grip on power.

Beijing burned through almost US$320 billion of reserves previous year and the yuan still fell about 6.5 percent against the surging USA dollar, its biggest annual drop since 1994.

Taken together, the regulatory measures, exchange rate forces and a stronger trade surplus may have brought China's capital flows roughly into balance for the first time in years.

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