Small Exchange: China has ample forex reserves, Canada reforms rates data, Egypt’s gold rises
The week's currency news rounded up.
China forex rates remain ample, will stabilise
Despite dipping below $3 trillion recently, China's deputy central bank governor Pan Gongsheng has said foreign exchange reserves remain "ample", the Securities Times reported.
Gongsheng said China's yuan currency exchange rate will be "disturbed" in the short term but will stabilise in the long run. The remarks were made following China's annual session of parliament.
Speaking ahead of the Chinese People's Political Consultative Conference (CPPCC) last week, vice central bank governor Yi Gang said China's interest rates would be decided by market forces.
Canada publishes new foreign exchange data
The Bank of Canada has begun publishing new data on the foreign exchange rates of 26 different currencies.
A single indicative rate per currency pair will be displayed. The rate will be the daily average against the Canadian dollar.
The data is intended for statistical, analytical and informational purposes only.
New FX rates will be published together with existing rates until 28 April 2017 to allow for adjustments. The bank will also reformat the part of its website that displays the exchange rates and will relocate some data.
Gold boosts Egypt's foreign exchange purse
Gold in foreign exchange reserves at the Central Bank of Egypt (CBE) have increased in value by around $170 million month-on-month, Daily News Egypt reports.
The total value of the precious metal rose from $2.45 billion in January to $2.62 billion in February 2017.
This pushed forex reserves to their highest levels since June 2011, totalling $26.542 billion in February.
Industrial Development and Workers Bank of Egypt chair Maged Fahmy told Daily News Egypt that the state must keep working to lift forex resources in order to stabilise the exchange market and rein in volatility.
Each week Small Exchange sums up currency news from around the globe and looks into how it impacts exchange rates and options.
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