China Forex Reserves Fall For First Time In Over a Year, Shadow Banking in The Wings

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    China’s Foreign Exchange reserves fell by USD27bn in…



    China’s industrial production and fixed asset investment a positive tone.

    On a year-on-year basis, industrial production gained by 7.2% in January-February (consensus: 6.2%).
    Fixed asset investment grew 7.9% in January-February also beating the market expectations by a large margin.

    Retail sales came in roughly in line with market consensus, at 9.7% y/y for Jan-Feb.

    Both CNY and CNH gaining some ground.

    Helmholtz Watson

    China’s holdings of US treasuries dropped to lowest level since July with $1.17 trn in January.
    China is still the largest creditor to US ahead of Japan with $1.07 trn.

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