CHINA China's foreign exchange reserves up 0.3% from late May

CHINA

China's foreign exchange reserves up 0.3% from late May

Sun Chi

17:25, July 07, 2020

A picture illustration shows a $100 banknote laying on $1 banknotes. (Photo: Agencies)

China's foreign exchange reserves were recorded at $3.11 trillion as of late June, up 0.3 percent from a month earlier, said Wang Chunying, a spokeswoman for the State Administration of Foreign Exchange, on Tuesday.

The reserves are kept generally in balance, but saw a monthly increase affected by the dip of US dollars in global financial market and asset price rise in major countries due to the COVID-19 pandemic and currency and stimulus fiscal policies of major countries. Exchange rate was also among the causes.

Wang said China's economic indicators saw marginal improvement, as the country's economy is gaining back momentum.

She added China will resolutely deepen reform and expand opening-up. An economy with tenacious growth and good long-term prospects benefits a stable foreign exchange reserve.

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