08/05/17

China Reserves Jump Most In Three Years; Hedge Fund Asks “Is This The End Of The Yuan Bear Market?” [feedly]



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China Reserves Jump Most In Three Years; Hedge Fund Asks "Is This The End Of The Yuan Bear Market?"
// Silver For The People

zerohedge.com / by Tyler Durden / May 7, 2017 7:16 PM

In all the drama surrounding the French elections, few noticed the PBOC's announcement that China's FX reserves rose for the third straight month in April, increasing by $20.45 billion to $3.03 trillion, more than the $11 billion expected and the single biggest monthly increase in three years going back to April 2014, on the back of a weaker dollar and increasingly more draconian capital controls on outflows.

Cited by the WSJ, some economists attributed April's increase to a dollar that continued to decline in the past month especially after Trump said the U.S. currency "is getting too strong." The value of other currencies in China's reserve basket, including the euro, the British pound and Japan's yen, similarly played a significant role in the rise, said Yan Ling, an economist with China Merchants Securities.

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