Jakarta, CNBC Indonesia – China’s foreign reserves increased by $11 billion in December 2022, after the dollar fell against a basket of other major currencies. China’s foreign exchange reserves are the largest in the world.
With an increase of US$11 billion, China’s foreign exchange reserves were US$3.128 trillion or IDR 488.9 quadrillion (IDR 15,630/US$) last month, compared to US$3.154 trillion predicted by a Reuters poll and the US dollar reserve position at 3.117 trillion in November.
The yuan rose 2.8% against the US dollar in December, while the US dollar fell 2.3% last month against a basket of other major currencies.
Of note, China held 64.64 million troy ounces of gold at the end of December, down from the end of November. The value of China’s gold reserves rose to US$117.24 billion at the end of December from US$111.65 billion at the end of November.
The value of China’s foreign exchange reserves is far higher than the position of Indonesia’s foreign exchange reserves. Bank Indonesia (BI) reported that Indonesia’s foreign exchange reserve position at the end of December 2022 reached USD 137.2 billion or higher compared to the position at the end of November 2022 of USD 134.0 billion.
Based on a press release issued on Friday (6/1/2022), the increase in the position of foreign exchange reserves in December 2022 was influenced by, among others, tax and services revenues, as well as the withdrawal of government loans.
The foreign exchange reserve position is equivalent to financing 6.0 months of imports or 5.9 months of imports and servicing the government’s external debt, and is above the international adequacy standard of about 3 months of imports.
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