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The People's Bank of China announced on the same day that the monthly foreign exchange reserves . billion US dollars, a decrease of nearly 100 million US dollars from the previous month, a decrease for two consecutive months, and the decline has expanded. Since the beginning of this year, foreign exchange reserves have fluctuated slightly between one trillion and one trillion yuan. Even if it falls below one trillion, China's foreign reserves are still far beyond the safety line, but the management of market expectations cannot be ignored.
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Data released by the central bank on the same day showed that the foreign exchange reserves at the end of the month fell by .% compared with the previous month, and the monthly decrease was .%. Priced foreign exchange reserves also experienced negative growth, reaching .00 billion at the end of the month and .000 billion at the end of the month. Market participants said that the fluctuation of the US dollar against major currencies in March was relatively small, so the impact on the exchange rate was relatively small. The relatively large impact may be the change in the valuation of the investment target assets. For example, the yield on US Treasury bonds increased in May, which will have an impact on reserves. The valuation of U.S. Treasury bonds in investment has a negative impact, but the factor affecting foreign exchange reserves is still the settlement and sales of foreign exchange by banks, that is, capital outflows.
However, experts believe that this does not mean that capital outflows have intensified. On the contrary, capital outflows have eased. The bank's foreign exchange settlement and sales deficit in March was US$100 million. And the monthly decrease of 100 million in foreign exchange reserves, even if all comes from the bank's foreign exchange settlement and sales deficit, will be greatly alleviated compared with the previous month. Ding Zhijie, assistant to the president of the University of International Business and Economics, said that one factor has to be taken into consideration. Since the fourth quarter of last year, some companies have been unwilling to remit foreign exchange earnings back home, but instead kept U.S. dollars overseas for recycling. This factor reduced the supply in the domestic foreign exchange market to a certain extent and also caused the weakening of the RMB.
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