The world’s largest currency hoard fell by $28 billion to $3.19 trillion in May, the People’s Bank of China said in a statement Tuesday. That was almost in line with the $3.2 trillion median forecast of economists surveyed by Bloomberg.Reserves increased SDR 34.9 billion.
"Depreciation expectations faded and the central bank didn’t burn its reserves to intervene in the foreign exchange market," said Li Wei, a China and Asia economist at Commonwealth Bank of Australia in Sydney. "The drop was largely due to the valuation effect of a strong dollar, which leads to the depreciation of other currencies."
Blurred [sovereign debt restructuring] lines
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Would an official sector creditor by any other name be treated as sweetly?
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