A spokesman for the central bank said that the sharp drop in China's foreign exchange reserves in August was the result of multiple factors. According to data released by the central bank, China's foreign exchange reserves decreased by 93.9 billion US dollars in August, the highest monthly decline in history.
Judging from the changes in foreign exchange reserves in August, there are three main influencing factors: the central bank operates in the foreign exchange market and provides foreign exchange liquidity to the market; In August, the entrusted loan project of foreign exchange reserves was partially withdrawn; In August, the prices of some major financial assets in the international market showed different degrees of correction.
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RMB exchange rate related information:
1. China's economy will continue to maintain medium-high growth, its current account will also maintain a surplus, and foreign direct investment and foreign investment will continue to grow. China has abundant foreign exchange reserves. With the continuous improvement of RMB exchange rate formation mechanism and the promotion of RMB internationalization, it is normal for foreign exchange reserves to increase in the future.
2. When foreign reserves fall to a certain extent, the central bank will no longer have room to intervene in the foreign exchange market by consuming foreign reserves. It is expected that the central bank will allow the RMB to depreciate gradually and orderly in the future.
3. Due to the strong expectation of the Federal Reserve to raise interest rates, the pressure of RMB depreciation continues to increase. Many institutions predict that with the further release of RMB depreciation pressure, the central bank will continue to take actions to control the exchange rate, and the stock of foreign exchange reserves will be reduced in the future.
People's Daily Online-The decline in foreign reserves in August was affected by the operation of the central bank.