人民网人民网首页
Weather【Joburg Sunny 8℃-19℃】 【Cape Town Sunny 14℃-22℃】 【Durban Sunny 14℃-26℃】
Exchange Rate【1 CNY = 1.95628 ZAR】 【1 USD = 6.80219 CNY】 【1 USD = 13.3110 ZAR】

China’s foreign reserve reduction went to citizens and companies

(People's Daily)  佚名  2016-03-08 15:39

BEIJING, March 6 (People’s Daily) –Yi Gang , China’s Central Bank Deputy Governor, said on Sunday that China’s significant foreign reserves reduction largely went to its citizens and companies.
 
“The official foreign reserves released by the Central Bank were mainly bought back by private companies, banks and families,” Yi said.
 
“Meanwhile, their outbound payments in foreign currencies surpassed inbound payments by 240 billion U.S. dollars last year. Major outbound payments include tourism, education and consumption expenditures,” Yi added.
 
In addition, he explained that China’s foreign reserves reduction last year could also be attributed to the U.S. dollar’s appreciation against other currencies.
 
China’s foreign reserves declined by about half a trillion U.S. dollars in 2015.