China forex reserves fall by USD 320 billion in 2016


China’s Central Bank says, the country’s foreign currency reserves shrank last year, marking large annual losses for the 2nd year in a row. Officials at the People’s Bank of China said that foreign reserves stood at over three trillion dollars as of the end of December 2016. For the year as a whole, China’s foreign exchange reserve fell nearly 320 billion dollars from a year earlier, following a drop of more than 512 billion dollars in 2015.

Chinese firms and individuals concerned about the country’s economic outlook have positive expectations for US President-elect Donald Trump’s economic policies. They have been selling the yuan against the dollar to purchase businesses and properties overseas.The Chinese currency fell about 7 percent against the dollar in 2016.

Source- The Indian Express

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