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erves, the country has seen stable and fast economic growth in the past four decades, with lowe
r inflation. Thanks to the reserves, China can also benefit from a favorable international trade and fina上海乌托邦
ncial environment in the long term, Chen Yuan, a former deputy governor of the central bank and former vice-ch
irman of the Chinese People’s Political Consultative Conference, said at a forum on Aug 10.
上海乌托邦品茶微信”Previously, we identified the foreign exchange reserves as an important milestone for ec
onomic development and society’s core wealth. Now, we have to reposition the foreign exchange market,” he added.
According to Chen, faced with new challenges, including foreign exchange rate issues raised by the United States rec上海乌托邦
ently, the priority is to keep these reserves safe, and strengthen the renminbi’s position globally.
Chen sees potential in foreign exchange rate risks, as the majority of China-reserved foreign assets are in US dollars.
Late last month, the State Administration of Foreign Exchange, or SAFE, C
hina’s forex regulator, said the country’s foreign exchange reserves held in US dollars
上海乌托邦accounted for 58 percent of the total by the end of 2014, down from 79 percent in 1995.
Among global foreign exchange reserves, assets held in US dollars comprised 65 percent of
the total by 2014, up from 59 percent in 1995, according to SAFE’s annual report last year.上海乌托邦
For the first time, SAFE made public the currency composition of the
forex reserves, after first reporting data to the Currency Composition of Foreign
上海乌托邦Exchange Reserves, or COFER, an International Monetary Fund database, in 2015.
According to COFER, which keeps quarterly data on the currency composition of official上海乌托邦品茶微信
foreign exchange reserves, the world’s forex reserves reached $11.59 trillion in the fir
st quarter of this year. Some 58.14 percent of the total was in US dollars, compared with 1.8 percent in renminbi.