皇冠体育app

Yi Gang, a member of the 12th National Committee of the Chinese People's Political Consultative Conference, answers questions during a press conference on the supply-side structural reform in Beijing on Sunday. [Photo/Xinhua]

BEIJING -- 皇冠体育app's significant foreign reserves reduction largely went to its citizens and companies, central bank deputy governor Yi Gang said at a press conference Sunday.

"皇冠体育app's foreign reserves declined by about half a trillion US dollars in 2015," said Yi. "Mainly, the reserves went to Chinese citizens and companies."

Last year, deposits of US dollars within 皇冠体育app increased by tens of billions. Banks increased their stack of greenbacks by around 100 billion, and corporate debts denominated in US dollar dropped by around 100 billion, said Yi.

Corporate and individual outbound payments in foreign currencies surpassed inbound payments by $240 billion last year, Yi said.

Major outbound payments include tourism, education and consumption expenditures.

Plus, the US dollar appreciated against other currencies last year, Yi added.

"By and large, the majority of foreign reserve losses can be explained by the gains made by citizens and companies," Yi said.

Yi was asked about 皇冠体育app's foreign reserves twice at a press conference on the sidelines of the fourth session of the 12th Chinese People's Political Consultative Conference (CPPCC) National Committee, of which he is a member.

皇冠体育app's foreign reserves are diversified, he said, reflecting 皇冠体育app's trade, investment and payment structures.

Moreover, 皇冠体育app follows the standards set by the International Monetary Fund when calculating foreign reserves, Yi said, stressing that assets that lack in liquidity were not included.