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This is an archive article published on May 7, 2011
China denies forex reserves loss
China refuted reports that it suffered $271.1 bn loss since 2003 due to dollar depreciation.
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China refuted reports that it suffered USD 271.1 billion loss since 2003 due to dollar depreciation,saying that ratio of the returns on its reserves was much higher than the inflation in US,EU and Japan,where the funds were invested.
Investment returns of China’s forex reserves have maintained steady for years,the State Administration of Foreign Exchange (SAFE) said in a statement.
“The ratio of our returns is much higher than the inflation rates in the United States,European Union and Japan where the reserves are invested,which boosted the real purchasing power of the reserves,” SAFE said.
The state run China Daily quoted National Development and Reform Commission (NDRC) Head (fiscal and financial policy research division) Zhang Anyuan as saying that it suffered a loss of USD 271.
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