Adjusting for valuation effects from exchange-rate fluctuations, reserve inflows were probably even higher at about $25bn, according to an FT estimate. The dollar strengthened against a range of global currencies in February, reducing the dollar-denominated value of Chinese reserves held in euro, yen and other non-dollar currencies.
根据英国《金融时报》的一项估算,计入汇率波动所产生的估值效应后,中国外汇储备的流入可能更高,约为250亿美元。2月份美元兑一系列全球货币走强,降低了中国所持的欧元、日元和其他非美元货币储备资产的美元价值。
After last year’s weakening the renminbi has held firm in 2017, rising 0.7 per cent so far. That has reduced investor appetite to move money offshore. Strong growth figures have bolstered confidence, while higher money market interest rates since late 2016 have discouraged outflows by increasing the yields available on renminbi assets.
在去年走弱之后,人民币在2017年保持坚挺,迄今上涨0.7%。这已经降低了投资者把资金转往境外的胃口。强劲的经济增长数字增强了信心,同时自2016年末货币市场利率上升也通过提高人民币资产的收益率,抑制了资本外流。
But analysts warn that signals from the Federal Reserve that another US rate rise is coming this month will increase the lure of US dollar assets relative to China. “I don’t think this is necessarily a turning point. You can’t say that because February data looks good, it’s going to stay good,” said Zhang Yu, head of international research at Minsheng Securities in Beijing. “This data mainly reflects that the renminbi has performed well at the start of the year. But looking ahead, outflow pressure will still be significant.”
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