ZCZC
BCN-14
CHINA-FOREX
China’s forex reserves stand at 3.0956 trln U.S. dollars at end of
November
BEIJING, Dec. 8, 2019 (BSS/Xinhua) – China’s foreign exchange reserves
came in at 3.09 trillion U.S. dollars at the end of November, official data
showed Saturday.
The amount increased by 22.9 billion dollars, or 0.7 percent, from the
beginning of 2019, according to the State Administration of Foreign Exchange
(SAFE).
Wang Chunying, a spokesperson for the SAFE, said that the scale of forex
reserves is affected by multiple factors including exchange rates and changes
in asset prices.
Factors including the global economic growth, monetary policy expectations
and global trade situations led to the rise in the U.S. dollar index and the
drop in bond prices of major countries, said Wang.
Despite mounting external uncertainties, the Chinese economy has
maintained overall stability and posted stable growth since the beginning of
the year, citing balanced international payments and the generally stable
scale of forex reserves.
The Chinese economy has sufficient resilience, potential and room for
manoeuver, while its long-term positive trend remains unchanged, said Wang.
Wang also noted the country’s policies to promote high-quality economic
development and deepen reform and opening-up will bring benefits to the forex
market as well as providing a solid foundation for the forex reserves to
remain generally stable.
BSS/XINHUA/HR/1418