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China’s forex reserves grew marginally in 2020, despite near-record trade surplus. Where did the money go?

Summary:
[unable to retrieve full-text content]Coronavirus disruptions around the world fuelled strong demand for Chinese goods last year, resulting in a massive trade surplus. Meanwhile, the nation’s rapid recovery from the pandemic and China’s buoyant stock and bond markets have sucked in large amounts of foreign investment.But China’s massive US5 billion trade surplus and capital inflows did not result in a jump in the nation’s foreign exchange reserves, as they have in the past.So where did the money go?Foreign exchange reserves rose…

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[unable to retrieve full-text content]
Coronavirus disruptions around the world fuelled strong demand for Chinese goods last year, resulting in a massive trade surplus. Meanwhile, the nation’s rapid recovery from the pandemic and China’s buoyant stock and bond markets have sucked in large amounts of foreign investment.But China’s massive US$535 billion trade surplus and capital inflows did not result in a jump in the nation’s foreign exchange reserves, as they have in the past.So where did the money go?Foreign exchange reserves rose…

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