BUSINESS China’s forex reserves remain stable for November


China’s forex reserves remain stable for November

China Daily

13:54, December 07, 2019


File photo: Xinhua

China's foreign exchange reserves stayed relatively stable by the end of November, reported as $3.096 trillion by the country's foreign exchange regulator on Saturday.

It slightly slipped from $3.105 trillion a month earlier, but was up by $22.9 billion, or 0.7 percent, from the beginning of the year according to data released by the State Administration of Foreign Exchange.

Changes in exchange rates and asset prices were the main factors that influenced the foreign exchange reserves in November, said Wang Chunying, a spokeswoman for the SAFE. "Influenced by global economic growth, expectations on the monetary policy and trade situations, the US dollar index was up and major countries' bond prices dropped."

China will further financial opening-up and promote high-quality economic growth, which will help stabilize the foreign exchange market as well as overall foreign exchange reserves, although global economic growth is slowing and there are still many external uncertainties, Wang said.

"We have effectively responded to a complex situation with an increase in international risks," she added. "With this support, China has maintained equilibrium in the balance of international payments, and the total amount of foreign exchange reserves is generally stable."

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