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The Increase Of External Reserves In The Fourth Quarter Of Last Year Hit A Record

2011/1/12 10:07:00 448

On January 11, Central Bank The 2010 Financial statistics According to the report, as of the end of 2010, National foreign exchange The reserve balance was US $2847.3 billion, up 18.7% year on year. Among them, foreign exchange reserves increased by US $199.035 billion in the fourth quarter, the largest increase in foreign exchange reserves in a single quarter. According to the analysis, there are factors affecting the inflow of hot money.

In addition, in October, the new foreign reserves reached US $112.596 billion, a record high.

According to the China Securities Journal, on the one hand, China's foreign economic development is good, FDI、 The recovery of trade surplus, on the other hand, may reserve investment income, and on the other hand, it does not rule out a large amount of international capital inflows.

Zhu Baoliang, chief economist of the Economic Forecast Department of the National Information Center, said that the 18.7% growth rate of the whole year was slightly high. He pointed out that the growth rate of China's utilization of foreign capital in 2010 was not particularly prominent, and it was difficult to estimate how high the growth rate of foreign exchange investment income was in the case of constant depreciation of the US dollar. Therefore, there were some unclear factors in the growth of foreign exchange reserves, which might be the inflow of hot money.

Tan Yaling, president of the China Foreign Exchange Investment Research Institute, believes that this growth rate is consistent with market expectations. The expectation of RMB appreciation and the "dominance" of China's economy in the global financial crisis are important factors in attracting foreign capital inflows. At the same time, due to the low degree of marketization and inefficiency of the domestic financial market, the limited ability to use and digest foreign exchange reserves has also played a magnifying effect.

According to the data of the Central Bank, the new foreign exchange accounts of financial institutions totaled 1253 billion yuan in the fourth quarter of last year, including 403.3 billion yuan in December. After deducting FDI, foreign trade surplus and other factors, it shows that there is still a large amount of other funds flowing into China.