Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

China Reserves Fall To $3 Trillion

China’s yuan managed to reach its sharpest decline in the last twenty years. China’s foreign currency stayed above $3 trillion for December. The People’s Bank of China confirmed that reserves dropped $41 trillion to $3 trillion.

The State Administration of Foreign Exchange (SAFE) says the attempt to stabilize the yuan contributed to the fall in foreign currency. The bank provided the funds to help maintain the foreign exchange balance. This also caused the drop in exchange reserves.

To keep investor confidence and prevent further drops in the yuan, China will attempt to keep the currency above $3 trillion. Policy makers began extra requirements for citizens exchanging yuan to foreign currency. This began the start of the new year. It is possible that policy makers favor using capital control as opposed to flying through foreign currency to protect the yuan.

China’s gold reserves also fell close to the end of December. The numbers stood at $67.9 billion lower than the $69.8 billion it stood at the year before. The yuan also dropped last month by 0.9 percent, totaling 6.5 percent decline for the whole year.


Comment Template

You May Also Like

Business

US Views Declining Trade with China as Potentially Positive The United States’ top trade official, Katherine Tai, has suggested that the steep decline in...

Business

China’s Promise of Investment for Impoverished Sierra Leone Chinese President Xi Jinping has pledged to encourage Chinese companies to invest in Sierra Leone, a...

Business

US Singles Out Entities in China, UAE, and Turkey On February 23, the Biden administration announced new trade restrictions targeting 93 entities from Russia,...

Business

China’s Troubles Won’t Deter US Economy, Says Treasurer On February 23, U.S. Deputy Treasury Secretary Wally Adeyemo expressed concerns about China’s excess manufacturing capacity...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok