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CONFIDENTIAL # #
2
-
Visible trade
balance
Net change
in other balance of
payments items
Change in
Foreign# exchange
foreign
exchange
Gold#
reserves
reserves
(US$Mn)
(US$Mn)
(US$ Mn)
(US$Mn)
reserves
(million
troy ounces)
1978
-1,140
+352
-788
1,557
12.80
1979
-2,010
+2,607
+597
2,154
12.80
1980
-1,280
+1,388
+108
2,262
12.80
1981
+2,511
+2,511
4,773
12.67
1982
+3,060
+3,292
+6,352
11,125
12.67
1983
+840
+2,377
+3,217
14,342
12.67
Source:
# End of year figure.
People's Republic of China Yearbook 1984 China Newsletter No. 49, March-April 1984 China Newsletter No. 57, July - August 1985
4.
1978 was the first year in which China incurred a substantial visible trade deficit, of US$1.1 billion, as a consequence of launching massive
development projects which entailed substantial imports of foreign technology and machinery.
By the end of 1978, China's foreign exchange reserves had fallen to a low of US$1.6 billion (equivalent to only 1.7 months' worth of imports at that time). As a result, China suffered a
foreign currency squeeze and was forced to seek both short and long term loans in the international money
market.
CONCIDENTIA
Kilk guz