Foreign Exchange

The foreign exchange reserves of China are the state of foreign exchange reserves held by the People’s Republic of China, comprising cash, bank deposits, bonds, and other financial assets denominated in currencies other than China’s national currency (the renminbi). In July 2020, China’s foreign exchange reserves totaled US$3.15 trillion, which is the highest foreign exchange reserves of any country.The management of foreign exchange reserves is governed by the State Administration of Foreign Exchange (SAFE) and the People’s Bank of China. The composition of foreign exchange reserves is a state secret in China.The United States has designated China a currency manipulator under the 1988 Omnibus Foreign Trade and Competitiveness Act, as engaging in “unfair currency practices” that gives it a trade advantage. In August 2019, the Trump administration, as part of the China–United States trade war, redesignated China as a currency manipulator. That designation was removed in January 2020.

The foreign exchange reserves of China are the state of foreign exchange reserves held by the People’s Republic of China, comprising cash, bank deposits, bonds, and other financial assets denominated in currencies other than China’s national…

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