China forex reserves jump most since 2011
BEIJING: China's foreign-exchange reserves rose last quarter by the most in more than two years, a sign the government's efforts to protect growth attracted money even as developing nations from India to Indonesia saw capital exit.
Reserves were a record US$3.66 trillion (RM11.64 trillion) at the end of September, the People's Bank of China said on Monday, up from US$3.5 trillion in June. The median projection was US$3.52 trillion in a survey of seven economists.
The data suggest Premier Li Keqiang's efforts to boost expansion stoked capital inflows while emerging markets suffered outflows on concern the United States Federal Reserve would taper monetary stimulus. The yuan strengthened by the least in five quarters in the July to September period, signalling central bank intervention to slow gains in the currency.
The central bank didn't give an explanation for the increase in reserves. Bloomberg