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SOURCE / ECONOMY By Global Times Published: Jan 22, 2021 04:53 PM
Photo: XinhuaChina s foreign exchange reserves reached $3.22 trillion by the end of 2020, an increase of $108.6 billion from the previous year despite the economic fallout of COVID-19, data from the State Administration of Foreign Exchange (SAFE) showed on Friday.
With the country s forex reserves shifting toward other currencies, thereby eclipsing the share of the US dollar, the strengthening of non-dollar currencies, notably the Australian dollar and Canadian dollar over the past year, has resulted in higher yields and increased China s foreign reserves, Tan Yawen, head of the China Forex Investment Research Institute, told the Global Times on Friday.
China’s forex reserves strategy to be ‘dynamically optimised’ amid uncertain external conditions Frank Tang frank.tang@scmp.com Comments by State Administration of Foreign Exchange (SAFE), which manages the bulk of China’s forex assets, likely reflect Beijing’s rising concerns about international uncertainties, according to analysts. Photo: Reuters
Chinese authorities are adopting a forward-looking investment strategy for the country s massive foreign-exchange reserves, with plans to dynamically optimise its portfolio even as the value of its reserves assets have climbed to a four-and-a-half-year high.
The wording in Thursday s statement by the State Administration of Foreign Exchange (SAFE), which manages the bulk of the country s reserve assets, likely reflects Beijing s rising concerns about international uncertainties - including the outlook for the global economic recovery, the possibility of financial market turmoil due to the aggressive poli