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October 16, 2021
BUSINESS

China foreign exchange reserves hit USD 3.2 trillion

China’s foreign exchange reserves hit a record USD 3.2017 trillion at the end of September, compared with USD 3.1975 trillion at the end of June, the country’s central bank said on Friday, Wall Street Journal informs. The country’s forex reserves have ballooned in recent years, fuelled by strong foreign investment, large trade surpluses and inflows of “hot money” – short-term speculative funds in search of quick profits. The stockpile has been rising as Beijing buys foreign currencies used to pay for the country’s exports in order to control the value of the yuan. China’s new yuan loans stood at 470 billion yuan (USD 73 billion) at the end of September, according to a statement from the People’s Bank of China. That figure was down from 548.5 billion yuan in August and below the median forecast of 550 billion yuan made by 10 economists surveyed by Dow Jones Newswires. China’s consumer price index rose 6.1 percent in September from a year earlier, the government said Friday, slowing only marginally from an annual rise of 6.2 percent in August. Inflation hit a more than three-year high of 6.5 percent in July.

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