China’s foreign exchange reserves, which stood at $3.5tn in October, have been a source of national pride and a bulwark against adverse financial conditions.
The internationalisation of the renminbi means, however, that Chinese exporters and importers increasingly can send and receive payments in renminbi, rather than US dollars.
China is the world’s largest exporter, and big trade surpluses over the last decade have fuelled the rise of China’s forex reserves. Now, some are worried that dwindling US dollar export earnings, twinned with capital outflows from China, could result in a drop in China’s forex reserves and with it slumping demand for US Treasury debt.
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