综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

USEUROPEAFRICAASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Finance

Chinese banks' forex purchases increase

Xinhua | Updated: 2013-04-11 15:53

BEIJING - China's central bank and commercial banks saw their yuan funds outstanding for foreign exchange continue to increase amid expectation of a rising yuan as the world's second largest economy gradually recovers.

After buying a record high of 683.7 billion yuan ($109.2 billion) worth of foreign currencies in January, Chinese financial institutions purchased 295.4 billion yuan of foreign exchanges in February, the 3rd straight month of increases, data from the central bank showed.

As of the end of February, Chinese financial institutions' total yuan funds outstanding for foreign exchange amounted to 26.83 trillion yuan.

Analysts attributed the continuing increases to companies' willingness to hold assets in yuan as its value has trended upward. On Wednesday, the yuan hit a record high against the US dollar.

The phenomenon also suggests increasing capital inflow to China against the backdrop of a gentle recovery in the economy.

"The capital inflow and China's widening trade surplus in the first quarter are the major reasons for the yuan's appreciation pressures," noted Wang Tao, chief economist with UBS Securities.

To mop up excess liquidity resulted by the funds, the People's Bank of China has been draining liquidity via open market operations.

This week, altogether 76 billion yuan has been removed from the money markets through 28-day repos in the bank's regular open market operations

Considering the 59 billion yuan in central bank repos and bills maturing, it actually withdrew 17 billion yuan from the markets, a softer move from a week earlier, which analysts read as the bank's attempt to keep moderate liquidity to support the tepid economic recovery in the context of the lower-than-expected inflation data.

The country's consumer price index rose 2.1 percent year-on-year in March, down from a 10-month high of 3.2 percent in February, and the producer price index, which measures wholesale inflation, fell for the 13th consecutive month.

The mild inflation and relatively gentle recovery suggests little possibility of monetary tightening, while ample liquidity in the markets makes policy easing equally unlikely, according to analysts.

"The monetary policies will be set to neutral," said Peng Wensheng, chief economist at the China International Capital Corporation.

The Chinese economy saw its slowest growth in 13 years in 2012, increasing 7.8 percent, but growth began to show signs of recovery in the fourth quarter of last year.

China is due to release the key economic data for the first quarter next week.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
裕民县| 抚宁县| 德惠市| 吐鲁番市| 无极县| 石楼县| 金门县| 宁夏| 营口市| 漯河市| 台北县| 修文县| 隆昌县| 垣曲县| 临夏市| 肇庆市| 田东县| 龙州县| 蒲江县| 德兴市| 大同市| 壤塘县| 保德县| 六盘水市| 桑植县| 延川县| 朝阳县| 中西区| 龙游县| 奉化市| 确山县| 新干县| 金溪县| 连江县| 巴彦县| 专栏| 银川市| 通河县| 璧山县| 冷水江市| 合山市|