China needs to eliminate market expectations of continued currency depreciation, the head of its central bank admitted on Friday as he argued that the country had ample foreign exchange reserves despite recent depletions.
Beijing has raided its reserves in order to shore up the currency amid jitters that have led to capital flight. Since peaking at almost $4tn in 2014, China’s foreign exchange reserves have fallen about 17 per cent to $3.33tn, with outflows accelerating in recent months.
But in a rare public relations offensive ahead of a meeting of G20 finance ministers and central bankers in Shanghai, Zhou Xiaochuan attributed these fears to the private sector.
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