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25.
Notwithstanding these substantial visible trade deficits, China's foreign exchange reserve position remained remarkably stable at around US$10-11 billion during 1985 and 1986, although this represented a drop
from the level in 1983 and 1984
At the present
(6).
level, China's foreign exchange reserves are sufficient to cover about three months of its import requirements.
26.
Since the visible trade deficits did not cause
an equivalent drain in its foreign exchange reserves,
China must have attracted a substantial net inflow of
capital over the past two years or so. This capital inflow comprises mainly loans (including trade credit) and
(6) China's foreign exchange and gold reserves
As at end of
Foreign exchange
reserves
(US$ Bn)
Gold
reserves
(million
troy ounces)
1980
2.26
12.80
1981
4.77
12.67
1982
11.13
12.67
1983
14.34
12.67
1984
14.42
12.67
1985
11.91
12.67
1986
10.50
12.67
1987
12.58
12.67
(1st
half)
Sources :
Statistical Yearbook of China 1986, NCNA press releases dated 5 April and 6 August 1987.
(The exceptionally stable level of gold reserves over the past years tends to cast doubt on the reliability of those figures.)
G.F. 326
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