IMF Formally Announces Global Holdings Of RMB Foreign Exchange Reserves

The International Monetary Fund (IMF) first announced the Global Holdings of RMB foreign exchange reserves in March 31st.

IMF official data on foreign exchange reserves released on the same day, quarterly data show that as of the fourth quarter of last year, RMB foreign exchange reserves amounted to US $84 billion 510 million, accounting for official participation. foreign exchange reserve Money constitutes 1.07% of the assets of the reporting members.

Data show that as of the fourth quarter of last year, the total foreign exchange reserves of the world amounted to US $10 trillion and 790 billion, down from US $11 trillion and 60 billion in the previous quarter. Among them, the constituent assets of the official foreign exchange reserves constitute 7 trillion and 900 billion dollars.

IMF began to separate Renminbi in the quarterly survey of official foreign exchange reserves in October last year. Assets To reflect the Global Holdings of RMB foreign exchange reserves.

IMF has said earlier that this move reflects China's push through the market reform of RMB. Internationalization The efforts can further improve the statistics of RMB's external reserves, and at the same time, improve the degree of acceptance of RMB in the allocation of foreign exchange reserves.

At present, 146 countries and regions have voluntarily reported to IMF the composition of the official foreign exchange reserve currency. IMF lists separately the total foreign exchange reserves of the 8 currencies held by members in the US dollar, euro, pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar and RMB. IMF does not publish data from a single country or region.

In September 2015, China voluntarily provided IMF with official quarterly foreign exchange reserve currency data, which is an important measure for China to improve spanparency of financial data.

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The dollar was basically flat in March 31st, after a seemingly dovish speech by the Fed officials and poor economic data in the US, which depressed the optimism of earlier this week. Backed by the rally this week, the US dollar index still recorded the best weekly performance since mid 2.

The pound has risen sharply against the US dollar today, and the pound has risen by about 3% in the past two weeks. Inflation accelerated the expectation of the Bank of England to tighten monetary policy, and the pound also benefited from the general weakness of the US dollar.

Traders and strategists say that in the next few months, the drive to sterling will still be the UK's non European negotiation process and its impact on the economy.

Australian National Bank (NAB) on Thursday (March 30th) released a customer report that the recent trend of the pound upward bias, because the market to see the change in the mood of many dollars, sparking the pound sterling short.

In addition, after the speech of New York Fed chairman Dudley, the euro rebounded from the two week low, and the US dollar fell against the yen to the intraday low. Dudley is seen as one of the most important members of the open market committee of the Federal Reserve. He said the Fed is not eager to tighten monetary policy.

The U.S. consumer spending data, released before his speech, was flat, suggesting that despite consumer confidence reaching the highest level in more than 16 years, Americans are still reluctant to increase their consumption.

Boris Schlossberg, managing director of BK Asset Management foreign exchange strategy, said, "in any case, the popularity is not too strong, but this morning's optimism is absolutely hit by speech and economic data."

By the end of the press release, the US dollar index rose 0.04%, to 100.5636; the euro fell 0.22% against the US dollar, at 1.0656; Sterling rose 0.59% to the US dollar, 1.2541; the US dollar fell to 0.43% against the Japanese yen, and it was 111.3710; the US dollar fell to 0.156% against the Canadian dollar and 1.3317, while the US dollar dropped to 6.8831..

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