BUSINESS China's forex reserves expand in June

BUSINESS

China's forex reserves expand in June

Xinhua

09:18, July 08, 2019

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(Photo: VCG)

BEIJING, July 8 (Xinhua) -- China's foreign exchange reserves expanded slightly to 3.1192 trillion U.S. dollars at the end of June, official data showed Monday.

The amount increased by 18.2 billion U.S. dollars, or 0.6 percent from the end of May, according to the State Administration of Foreign Exchange (SAFE).

Wang Chunying, a spokesperson for the SAFE, attributed June's rise to various factors, including exchange rate fluctuations and changes in asset prices.

Despite mounting external uncertainties and volatility, the Chinese economy has maintained overall stability and run within a reasonable range so far this year, Wang said, stressing that China's foreign exchange market has kept the basic balance between supply and demand.

Wang said the country will continue to promote high-quality economic development, unveil more measures to advance all-round opening-up, and increase resilience and sustainability of the economy.

These moves will provide a solid basis for the stability of foreign exchange reserves, Wang added. 

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