Feb
21
China Lenders’ Foreign-Exchange Holdings Omitted From PBOC Data
By-
January report only showed the central bank’s position
-
Yuan slid to five-year low last month, prompting intervention
China’s central bank omitted details of financial institutions’ foreign-exchange holdings from monthly data that sheds light on the scale of its intervention to support the yuan.
The change took effect in its report for January, when the currency’s slide to a five-year low roiled global financial markets and prompted the People’s Bank of China to step up efforts to boost the exchange rate amid record capital outflows. While the authority announced a $99.47 billion slide in its foreign-exchange reserves for last month, less than December’s record $107.9 billion drop, the figure may not represent the true extent of dollar sales if state-owned lenders were also used to intervene…
China Lenders’ Foreign-Exchange Holdings Omitted From PBOC Data
