Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

China's Forex Reserves Fall by $8.23 Billion Due to Dollar Appreciation

According to China's State Administration of Foreign Exchange (SAFE) Foreign exchange reserves fell by 0.26 per cent in August after a two-month gaining streak in June and July.

PTI

Updated:September 9, 2018, 6:56 PM IST
facebookTwitterskypewhatsapp
China's Forex Reserves Fall by $8.23 Billion Due to Dollar Appreciation
Representative image. (Reuters)
Loading...

Beijing: China's foreign exchange reserves, the highest in the world, fell by $8.23 billion in August as a result of an appreciating US dollar and now stand at the lowest since October last year, experts said Sunday.

Foreign exchange reserves fell by 0.26 per cent in August after a two-month gaining streak in June and July, China's State Administration of Foreign Exchange (SAFE) said in statement.

"The fall in reserves is due to a 0.6 per cent appreciation of the US dollar," Guan Tao, a former senior SAFE official, told state-run Global Times on Sunday, adding that the numbers fell within a normal volatility range.

"Exchange rates naturally rise and fall - the figures don't warrant any need for central bank intervention," said Guan.

The total reserves now stand at $3.10972 trillion, the lowest level since October 2017.

The value of China's 59.24 million ounces of gold bullion reserves also fell to USD 71.228 billion, due to the yellow metal's depreciation.

Xu Hongcai, deputy chief economist at the China Centre for International Economic Exchanges, agrees with the diagnosis, pointing out that the strength of China's external trade in August backs up stable foreign exchange reserves.

"Around one-third of China's foreign exchange reserves are kept in euros, but the official figures are given in the equivalent in US dollars. As the euro has depreciated against the US dollar, the total foreign exchange reserves have gone down in value," Xu said.

"In nominal terms, China's reserves must have actually increased at the end of August. Exports were strong and we had a current account surplus," said Xu, adding that China also recorded a surplus in its August capital account, without any large-scale capital outflows.

Another SAFE official told state-run Xinhua News Agency on Saturday that political and economic risks have been increasing around the world this year, with many emerging markets suffering economic damage amid increased market volatility.

However, China's foreign exchange reserves have remained stable due to the nation's continued stable growth and the increased flexibility of the yuan's exchange rate.

| Edited by: Naqshib Nisar
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 103.85 11.43
Indiabulls Hsg 646.35 1.16
Infosys 784.85 0.71
HDFC Bank 2,391.20 -0.15
Tata Motors 170.00 5.62
Company Price Change %Gain
Yes Bank 103.90 11.48
ICICI Bank 424.55 0.51
Reliance 1,293.10 1.35
Indiabulls Hsg 646.10 1.22
SpiceJet 131.75 4.36
Top Gainers
Company Price Change %Gain
Yes Bank 103.85 11.43
Tata Motors 170.00 5.62
Sun Pharma 433.30 2.45
NTPC 130.95 2.34
Titan Company 1,114.75 2.33
Company Price Change %Gain
Yes Bank 103.90 11.48
Tata Motors 169.85 5.53
Sun Pharma 433.25 2.57
NTPC 131.05 2.46
Power Grid Corp 209.00 2.05
Top Losers
Company Price Change %Gain
TCS 2,106.00 -1.85
M&M 622.90 -1.42
Britannia 2,747.15 -0.95
UPL 641.90 -0.85
HCL Tech 1,019.65 -0.76
Company Price Change %Gain
TCS 2,105.30 -1.86
M&M 623.10 -1.35
HCL Tech 1,020.00 -0.71
Kotak Mahindra 1,502.50 -0.35
HDFC Bank 2,392.15 -0.16

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results