CCP’s Foreign Exchange Reserves Fell by $31.5 Billion at the End of September, the Biggest Monthly Decline in the Half Year

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Translated by: MOS Education Team – Wintermfall

According to Reuters’ report on October 7, the People’s Bank of China (PBC) announced that its foreign exchange reserves have fallen to $3.2 trillion at the end of September. Compared to August, this index has dropped by $31.5 billion. The dropping lasted for two consecutive months, the monthly decline has reached 0.97 percent. September’s month-on-month decline was the biggest decreasing amplitude since March.

Reuters’ calculation showed that, from January to September 2021, CCP’s foreign exchange reserves have cumulatively decreased by $15.9 billion, compared with an increase of nearly $27 billion in the same period last year. Meanwhile, PBC said that they have possessed 62.64 million ounces of gold by the end of September, this number has remained unchanged for 25 consecutive months. However, the U.S. dollar value of its gold reserves of September has reduced $4.51 billion to $109.18 billion, compared to the previous month.

According to an analysis, the U.S. Federal Reserve Board (FRB) tightened its financial outlook in September, which further boosted the U.S. dollar index rose to a high point in a year. The variation of exchange rate and the value of national assets continued to become the major factor that drags the volume of CCP’s foreign exchange reserves to scale down. 

Sources: China Sept forex reserves fall to lowest since April

China’s Foreign Exchange Reserves Fell to $3.201 Trillion, $31.5 Billion has dropped Compared to Last Month, which Became the Biggest Drop in Half a Year

Graphic News: China’s foreign exchange reserves fell by the most in the past six months at the end of September, the strong dollar valuation effect is still the main reason

Original Post: https://gnews.org/zh-hans/1580422/

Proofread by: Amy Q
Edited by: Amy Q
Posted by: Amy Q

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