Chinese School - Forex savings drop by 592m USD in July

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Forex savings drop by 592m USD in July

www.chinanews.cn 2005-08-13 16:25:54

(Source: China Daily)

Aug. 13 - China's foreign exchange savings dipped 4.8 billion yuan (592
million USD) in July after the revaluation of RMB three weeks ago, to
160.5 billion yuan (19.8 billion USD), according to a statement from the
People's Bank of China (PBOC) on Friday.
The ratio of the US dollar to RMB in the inter-bank market closed at 8.10
on Thursday, the lowest lovel so far after revaluation.
Compared with the closed price of RMB on July 22, RMB has appreciated by
0.134 percentage point. Meanwhile, RMB trading on the inter-bank markets
is quite brisk, topping 2.12 trillion yuan (262 billion USD) last month.
Daily trading is averaging 100.9 billion yuan (12.5 billion USD),
skyrocketing 96.2 per cent.
"I don't think the jump is mainly caused by the revaluation of RMB," Li
Ruoyu, an economist with the State Information Centre told China Daily.
"The main reason, I believe, is that commercial banks are tempted to put
money in the inter-bank market where potential risks are lower than
lending."

          ��Tourism brought China 14.2b USD forex (2005-08-05)
          ��China raises limits on individual forex buying (2005-08-04)
          ��China loosens forex control on domestic companies (2005-08-03)
          ��Soaring forex reserve challenges China's financial strategy
(2005-07-24)
          ��Watchdog to loosen forex restrictions (2005-07-22)
          ��Inter-bank forex trade robust in H1 (2005-07-17)
          ��Forex reserves growing, RMB rate stable (2005-07-15)

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