Global News

China's August forex reserves rise for 7th straight month to $3.092trln

China's August forex reserves rise for 7th straight month to $3.092trln

The August figures were up 10.2 percent from last year's 7.67 million tonnes, but down 16.2 percent from 10.08 tonnes in July, according to figures from the General Administration of Customs of China.

China, the world's top soybean buyer, imported 8.45 million tonnes of the oilseed in August, customs data showed on Friday, a record for the month of August, as improving margins boosted demand from buyers.

Imports of vegetable oils in August were 520,000 tonnes, up 92.6 percent from the previous month. Nevertheless, some smaller Chinese exporters have complained of losses due to a sharp turnaround in the yuan, which has firmed almost 7.8 per cent against the faltering U.S. dollar so far this year.

The Chinese economy saw better-than-expected growth in the first two quarters of the year thanks to debt-fueled investment in infrastructure and real estate although warnings of a potential financial crisis have spurred Beijing to clamp down.

The strength in imports not only reflects strong demand for raw materials but also firmer prices over the past year.

Federal Realty Investment Trust (NYSE:FRT) Under Analyst Spotlight
William Blair Investment Management LLC owned 0.57% of Healthcare Realty Trust worth $22,508,000 as of its most recent SEC filing. Sell-side analyst recommendations point to a short term price target of $10.75 on the shares of Independence Realty Trust, Inc.

China has been credited with helping to support global demand and weaker imports might hurt suppliers for whom this country is a major market.

"Downside risks to exports remain, in particular in the area of U.S".

China's foreign exchange regulator, in a statement on its website Thursday, said cross-border capital flows and FX supply and demand continued to be balanced in August. Exports to Southeast Asian countries accelerated to 6%, while shipments to the European Union dropped to 5.2% last month, official data showed.

The trade figures come among mixed signals for the Chinese economy. The currency hit its highest level in more than 20 months this week, recovering from the entire 6.6% decline recorded past year. It means loss for us.

"Overall, we think one-way yuan appreciation would face correction pressure, either induced by policy actions or driven by the market", the analysts said. Last month, Trump gave the go-ahead for an investigation into trade with China, a move that could result in punitive tariffs on China's exports to the US.


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