News / Asia

    China Says Its Foreign Exchange Reserves Sank $99.5B in January

    A Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, Jan. 19, 2016.
    A Chinese national flag flies at the headquarters of the People's Bank of China, the country's central bank, in Beijing, China, Jan. 19, 2016.
    Reuters

    China's foreign exchange reserves, the world's largest, fell by $99.5 billion in January, the central bank said in a statement Sunday.

    Foreign reserves fell to $3.23 trillion at the of January, the lowest level since May 2012.

    The figure was higher than a Reuters poll forecast of $3.20 trillion.

    China's gold reserves rose to $63.57 billion at the end of January, from $60.19 billion at the end of 2015, the People's Bank of China said on its website.

    Gold volume stood at 57.18 million fine troy ounces at the end of January, up from 56.66 million fine troy ounces in December.

    China's International Monetary Fund reserve position was at $3.76 billion at the end of January, down from $4.55 billion in the previous month. The bank held $10.27 billion of IMF Special Drawing Rights at the end of last month, compared with $10.28 billion at the end of 2015.

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    by: Marcus Aurelius II from: NJ USA
    February 08, 2016 9:19 PM
    At the current rate of burn, in less than three years China's foreign exchange reserves will be gone. Then what will happen to the Yuan? Will the Euro still be around? What will happen to the Pound Sterling when the London Real Estate bubble bursts and Britain's corrupt banking system at the heart of its economy fails? What does the future look like for Japan, more stagnation or decline? The IMF basket of currencies will have only one denomination left in it, the US dollar which continues to strengthen. $100 Billion Asia Investment Bank, what a joke. Once upon a time a billion dollars was a lot of money but that was a long time ago.

    by: Marcus Aurelius II from: NJ USA
    February 07, 2016 10:53 AM
    China's foreign exchange reserves are falling because China needs to use them to try to save its failing economy. It has gambled and lost first in a huge real estate gamble, then in a stock market gamble and now in foreign investments in other failing economies. It is investing in huge capital projects in so called "developing nations" where corruption, lack of any real viable market on a large scale like Europe or the US exists, it will never see a profit, just more red ink. Strike three China, you're out.

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