China: FX reserves surged to 3.0727trn at end December - TDS

Analysts at TD Securities note that China's FX reserves increased by $11bn to 3.0727trn at end December.

Key Quotes

“Almost all of the increase in China's FX reserves in Dec was likely due to valuation effects (mostly strong EUR and JPY) according to our calculations. Nonetheless, it is positive that reserves are at least not falling, with sentiment towards the CNY largely stable despite slowing growth and trade concerns.”