China’s forex reserves continue to grow

2019-03-07
Xinhua

BEIJING — China’s foreign exchange reserves rose to $3.0902 trillion by the end of February, official data showed on March 7.

The amount increased $2.3 billion, or 0.1 percent from the end of January, according to the State Administration of Foreign Exchange (SAFE).

Factors including the increase in the US dollar index, changing asset prices, exchange rate conversion and asset price changes resulted in the slight gain of forex reserves, said SAFE spokesperson Wang Chunying.

“China’s forex reserves were stable in February,” Wang said, citing improving forex market expectations, cross-border capital flows and balance of payments.

Despite global economic and financial uncertainty, China will push forward supply-side structural reform to keep economic growth within a reasonable range and the forex reserves will likely remain stable amid market fluctuations, Wang said.