Nation's forex reserves up to .14 trillion in December

Updated 2018-01-08 11:01:06

China's foreign exchange reserves rose to their highest in more than a year in late December, blowing past economists' estimates, as tight regulations and a strong yuan continued to discourage capital outflows, central bank data showed on Sunday.

Notching up their 11th straight month of gains, reserves rose .2 billion in December 2017 to .14 trillion, the highest since September 2016 and the biggest monthly increase since July 2017. That compares with an increase of billion in November 2017.

Economists polled by Reuters had expected reserves to rise by billion to .125 trillion.

Capital flight had been seen as a major risk for China at the start of 2017, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy.

The yuan rose around 6.8 percent against the greenback in 2017, recovering from a 6.5 percent loss in 2016 and reversing three straight years of depreciation.

For the full year, China's foreign exchange reserves rose 9.5 billion from .011 trillion at the end of 2016.

That's the first annual rise since 2014.

China's foreign exchange regulator said in a statement on its website that it would keep the nation's forex reserves and international balance of payments "balanced and stable" in 2018.

The country's reserves dropped by nearly trillion from a peak of .99 trillion in June 2014 to .998 trillion in January 2017 as it sought to shore up the yuan and reduce potentially destabilizing capital outflows. But reserves have since climbed by 2 billion.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 19 2019 13:44:07

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 19 2019 13:44:07

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 19 2019 13:44:07

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords