## Figure 1.20. China: Capital Flows and Foreign Exchange Reserves

## Source details

**Canonical URL:** [Figure 1.20. China: Capital Flows and Foreign Exchange Reserves](https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20.pdf.json)

---

### 1. Resident and Nonresident Capital Flows (Billions of U.S. dollars)
- Vertical axis labels shown: –200; –100; 0; 100; 200
- Time labels shown: Jun. 2010; Jun. 11; Jun. 12; Jun. 13; Jun. 14; Jun. 15; Jun. 16
- Series and annotations:
  - Residents’ asset purchases (includes errors and omissions)
  - Nonresident inflows (residents’ liabilities)
- Key finding stated on figure: "Foreign asset purchases by Chinese residents have driven the recent pressure on capital outflows ..."

### 2. Reserves Variation (Billions of U.S. dollars)
- Vertical axis labels shown: –100; 0; 100; 200; 300
- Time labels shown: 2005; 06; 07; 08; 09; 10; 11; 12; 13; 14; 15; 16
- Series and annotations:
  - Valuation effect
  - Estimated intervention
  - Change in headline reserves
- Key finding stated on figure: "... triggering substantial foreign exchange interventions by the People’s Bank of China to stabilize the exchange rate."

*Sources: CEIC; People’s Bank of China; State Administration of Foreign Exchange; and IMF staff estimates.*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20.pdf_