nigeria news

China’s forex reserves hit $3.0295trillion

By  | 
China’s forex reserves continue to grow

China’s forex reserves, the biggest in the world, rose for the third month in a row in April, signalling eased capital flight pressure, central bank data showed Sunday.

The  reserves climbed to $3.0295 trillion  at the end of April from $3.0091 trillion  a month earlier, according to statistics from the People’s Bank of China.

This was the first time the reserves expanded for three months consecutively since June 2014.

The country’s gold reserves also increased from 73.7 billion U.S. dollars by the end of March to over 75 billion U.S. dollars by the end of April.

The State Administration of Foreign Exchange (SAFE) predicted last month that the size of forex reserves would become more stable in the future as the economy maintains relatively fast growth and the country’s current account surplus stays in a reasonable range.

There had been growing concerns about capital flowing out of the Chinese market in the second half of 2016, when the economy was facing looming downward pressures and the Chinese yuan was in the middle of a losing streak against the U.S. dollar.

In January, China’s forex reserves declined below the closely watched 3-trillion-dollar mark for the first time since February 2011.

However, concerns about capital outflows have receded lately, with the Chinese economy on a firmer footing, supported by a string of upbeat data including industrial profits, factory activity and fixed-asset investment.

Forex reserves by Nations:

Rank Country Forex reserves (ex. gold)
(in millions of US$)
As of
1  China 3,029,967 December 2016
2  Japan 1,188,387 December 2016
3   Switzerland 689,497 March 2017
4  Saudi Arabia 535,977 December 2016
5  Taiwan 434,204 December 2016
 Hong Kong, China 386,164 December 2016
6  Republic of Korea 366,307 December 2016
7  Brazil 362,506 December 2016
Euro symbol.svg Eurozone 344,556 December 2016
8  India 340,314 December 2016
9  Russia 317,548 December 2016
10  Singapore 246,364 December 2016
11  Mexico 173,536 December 2016
12  Thailand 166,157 December 2016
13  United Kingdom 147,004 December 2016
14  Indonesia 113,485 December 2016
15  Poland 110,555 December 2016
16  United States 105,204 March 2017[1]
17  Israel 98,361 December 2016
18  Malaysia 93,095 December 2016
19  Turkey 92,057 December 2016
20  Czech Republic 85,362 December 2016
21  Canada 82,718 December 2016
22  Philippines 73,433 December 2016
23  Denmark 61,770 December 2016
24  Peru 60,463 December 2016
25  Norway 60,443 December 2016
26  Germany 59,569 December 2016
27  France 56,136 December 2016
28  Sweden 54,739 December 2016
29  Australia 52,079 December 2016
30  Italy 44,803 December 2016

Leave a Reply

Your email address will not be published. Required fields are marked *