China’s FX reserves reach highest level since September 2016

PBoC figures show $20 billion increase, bringing total reserves stockpile to 14-month high

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Looking ahead: consensus among forecasters contributing to FX Week is for USD/CNY to trade at 6.68 in 12 months

China’s foreign exchange reserves rose to their highest level for more than a year in December, and at a faster than expected pace, as tight capital controls and a strong yuan continued to stem outflows from the mainland.

Figures published on January 7 by the People’s Bank of China show FX reserves increased by $20.2 billion to $3.14 trillion at the end of December – well above market expectations of a $6 billion gain and up from November when the stockpile rose $10 billion.

The latest numbers

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