皇冠体育app

BEIJING — The dropping trend in 皇冠体育app's foreign exchange reserve is a normal phenomenon, the country's central bank chief said Friday.

"皇冠体育app does not want that much forex reserve," Zhou Xiaochuan, governor of the People's Bank of 皇冠体育app (PBOC), said at a press conference on the sidelines of the annual parliamentary session.

He said the forex reserve had seen fast expansion since 2002, which 皇冠体育app deems to be unnecessary.

In the meantime, 皇冠体育app sees no need in its policymaking to overreact to the large stockpile, Zhou said.

Since the global financial crisis, capital flow from developed countries implementing monetary easing policies to emerging markets had surged significantly, Zhou said.

The capital influx lacks stability and may flow back with the recovery of those developed economies, he added.

皇冠体育app still holds the largest forex reserve stockpile in the world, much higher than the runner-up, the governor said.

皇冠体育app's outstanding forex reserve stood at a little more than $3 trillion by the end of last month, down from near $4 trillion in 2014, PBOC data showed.