PBOC vice governor expects level of forex reserves to stabilise

[BEIJING] The level of China's foreign reserves will stabilise as expectations on the yuan become steady, Yi Gang, a vice governor of the central bank. told the official Securities Times on Friday.

China's foreign exchange reserves, which are the world's largest, declined by US$99.5 billion in January to US$3.23 trillion after a record fall the previous month.

Reserves have shrunk by US$762 billion since mid-2014, more than the gross domestic product of Switzerland.

A Reuters' poll showed that foreign exchange reserves likely fell for a fourth straight month in February, easing to US$3.2 trillion.

REUTERS