China's October forex reserves hits $3.218 trillion

[beijingwalker]

China's October forex reserves hits $3.218 trillion
Reuters
Publishing date:
Nov 06, 2021
BEIJING — China’s foreign exchange reserves, the world’s largest, reached $3.218 trillion at the end of October, data from the People’s Bank of China showed on Sunday.

That was higher than the $3.197 trillion forecast in a Reuters poll of analysts and up from $3.201 trillion at the end of September.

The value of China’s gold reserves were $110.83 billion by the end of October, up from $109.18 billion a month ago, as gold prices rose.

https://leaderpost.com/pmn/business-pmn/chinas-october-forex-reserves-at-3-218-trillion-central-bank

 

[northeast]

Dollar will become garbage in near future. We should sell it all when it still worth something.

 

[Darius77]

Seriously, China can buy the deadbeat US losers. The dollar is all hype and should be used for its real purpose as a toilet paper.
612 × 612

 

[S10]

I think China should stock up on Euros and gold rather than pump anymore money into US dollar.

 

[siegecrossbow]

Can we not post anything forex related? I'm getting PTSD from the Central Asia threads.

 

[GiantPanda]

China's forex is greater than the entire Indian economy. lol

 

[Shotgunner51]

Euros

It's always a basket of Euros, Yen, Ruble, other currencies from G2G swap deals, and increasingly heavy on SDR. It's the USD-denominated T-bills that are "irreplaceable", at least for the time being.

In fact in central bank (PBOC) reportings the unit of SDR is used in parallel with USD, I think those guys would prefer save themselves much trouble by reporting in one unit rather than two, so getting rid of USD unit in reports may happen sometime in the future.

gold

That's only PBOC's gold, not the whole picture, far from it. China is world's largest gold producing nation, domestically produced golds aren't booked as international asset under PBOC, they are domestic assets of an SOE (China National Gold Group) including the gold mines.

 

[HttpError]

Bitcoin and Ethereum is the future say Good Bye to USD