PBOC: China FX reserves fall under USD 3 trillion for first time since Feb 2011

The Chinese central bank, PBOC, published its latest data on the country’s fx reserves for Jan-end.

Key Details:

China FX reserves end-Jan USD 2.998trln vs 3.011trln prev

FX reserves fall under USD 3 trillion for first time since Feb 2011

Meanwhile, PBOC FX regulator, SAFE, came out on the wires, justifying the drop in Jan reserves.

Key Headlines:

Reserves are ample

Provision of fx to market main reason for drop in reserves in Jan

Fluctuation normal given complicated internal, external economic environment

Smaller reduction in fx reserves in Jan shows cross-border capital outflows slowed