BEIJING, April 15 (Xinhua) -- China's outstanding yuan funds for foreign exchange went up from a month earlier at the end of March, data from the c
BEIJING, April 15 (Xinhua) — China’s outstanding yuan funds for foreign exchange went up from a month earlier at the end of March, data from the country’s central bank showed Friday.
The funds came in at about 21.3 trillion yuan (about 3.33 trillion U.S. dollars) at the end of last month, up 23.2 billion yuan month on month, according to the People’s Bank of China.
As the Chinese yuan is not freely convertible under the capital account, the central bank must purchase foreign currency generated by a trade surplus and foreign investment in the country, adding funds to the money market. Such funds are a vital indicator of cross-border foreign capital flows and domestic yuan liquidity.
China’s forex holdings amounted to 3.188 trillion U.S. dollars at the end of March, down 25.8 billion U.S. dollars, or 0.8 percent, from the end of February, said the State Administration of Foreign Exchange. ■
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