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TiuTiu, why your boss keep buy gold hah?
- Thread starter k1976
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CHINA’S foreign exchange reserves fell only slightly in May despite a sharp drop in the yuan currency which many analysts had feared would trigger further capital outflows from the country’s stock and bond markets.
The yuan dropped 2.7 per cent against the US dollar in May, while the US dollar last month rose 2.5 per cent against a basket of other major currencies. US dollar gains tend to erode the value of China’s other non-US dollar asset holdings.
China’s foreign exchange reserves – the world’s largest – fell by US$28 billion to US$3.177 trillion last month, slightly less than the US$3.181 trillion tipped by a Reuters poll of analysts and US$3.205 trillion in April.
“The Chinese authorities have not intervened in the currency market during the recent wave of renminbi depreciation, and that is partly tied to intentions to offset pressures in the export sector with a cheaper currency,” said Xu Tianchen, senior economist at the Economist Intelligence Unit.
China’s exports shrank much faster than expected in May, according to other official data released earlier on Wednesday (Jun 7), while imports extended declines, raising doubts about the country’s fragile post-pandemic economic recovery.
China’s foreign exchange regulator said in an accompanying note that its reserves had been “influenced by the fiscal and monetary policy expectations of major economies and global macroeconomic data.”
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China posted outflows of US$1 billion in debt and US$3.8 billion in stocks in April, data from the Institute of International Finance shows. Chinese debt has seen outflows in eight of the past 12 months, the data shows, while equities posted a monthly outflow after five months of inflows.
With rising interest rates and inflation squeezing the US and Europe, China has sought to increase the amount of gold it holds, with its reserves steadily increasing since November.
China held 67.27 million fine troy ounces of gold at the end of May, up from 66.76 million ounces the end-April.
The value of its gold reserves fell to US$132.15 billion at the end of May from US$132.35 billion at the end-April.
REUTERS
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The yuan dropped 2.7 per cent against the US dollar in May, while the US dollar last month rose 2.5 per cent against a basket of other major currencies. US dollar gains tend to erode the value of China’s other non-US dollar asset holdings.
China’s foreign exchange reserves – the world’s largest – fell by US$28 billion to US$3.177 trillion last month, slightly less than the US$3.181 trillion tipped by a Reuters poll of analysts and US$3.205 trillion in April.
“The Chinese authorities have not intervened in the currency market during the recent wave of renminbi depreciation, and that is partly tied to intentions to offset pressures in the export sector with a cheaper currency,” said Xu Tianchen, senior economist at the Economist Intelligence Unit.
China’s exports shrank much faster than expected in May, according to other official data released earlier on Wednesday (Jun 7), while imports extended declines, raising doubts about the country’s fragile post-pandemic economic recovery.
China’s foreign exchange regulator said in an accompanying note that its reserves had been “influenced by the fiscal and monetary policy expectations of major economies and global macroeconomic data.”
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China posted outflows of US$1 billion in debt and US$3.8 billion in stocks in April, data from the Institute of International Finance shows. Chinese debt has seen outflows in eight of the past 12 months, the data shows, while equities posted a monthly outflow after five months of inflows.
With rising interest rates and inflation squeezing the US and Europe, China has sought to increase the amount of gold it holds, with its reserves steadily increasing since November.
China held 67.27 million fine troy ounces of gold at the end of May, up from 66.76 million ounces the end-April.
The value of its gold reserves fell to US$132.15 billion at the end of May from US$132.35 billion at the end-April.
REUTERS
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Markets
China’s Gold Binge Extends to Seventh Month as Holdings Climb
China’s recent gold buying spree began in November.
Photographer: David Gray/AFP/Getty Images
By
Sybilla Gross
+Follow
7 June 2023 at 16:21 GMT+8
China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks.
China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month.
China's exports plunge by 7.5% in May, far more than expected
PUBLISHED TUE, JUN 6 2023 11:32 PM EDTUPDATED 6 HOURS AGOEvelyn Cheng
@CHENGEVELYN
Clement Tan
@CLEMTAN
WATCH LIVE
KEY POINTS
- Exports fell 7.5% in May from a year ago, far worse than the 0.4% decline predicted by a Reuters poll.
- Imports for May dropped by 4.5% from a year ago — less than the 8% plunge forecast by Reuters.
- The decline was so sharp that export volumes are below their levels at the start of the year, after accounting for seasonality and changes in export prices, Julian Evans-Pritchard, head of China Economics, at Capital Economics, said in a note
Recap... Just 3 moons ago.
https://www.theedgesingapore.com/ne...Ed0qY15xPLEoO9r18hB0-1686137661-0-gaNycGzNDTs
https://www.theedgesingapore.com/ne...Ed0qY15xPLEoO9r18hB0-1686137661-0-gaNycGzNDTs
Winnie Xi is prepping up for eventual sanctions when he invades Taiwan. That's why he's also turning many urban areas into farmlands now.
https://www.businesstimes.com.sg/in...-economic-forecast-china-recovery-warns-risks
2H seem like a rough ride
2H seem like a rough ride
https://www.straitstimes.com/world/...-over-17000-people-after-key-dam-is-destroyed
Food price expected to hike again
Food price expected to hike again
Maybe TW Chiobu will cum here
https://www.google.com.sg/amp/s/www...us-optimism-chinas-steady-recovery?amp?espv=1
Are we over optimistic in Feb?
Are we over optimistic in Feb?
Pui kia mai gong lanjiao wei
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