China’s forex reserves at USD3.0924 trillion in September

BEIJING (Xinhua) – China’s foreign exchange reserves came in at USD3.0924 trillion at the end of September, official data showed recently.

The amount increased by USD19.7 billion, or 0.6 per cent from the start 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 are affected by mulitiple factors including exchange rates and changes in asset prices.

“Factors including the global economic growth, monetary policies of major countries, the global trade situation and geopolitics led to the rise in the US dollar index and the drop in bond prices of major countries,” said Wang.

Since the beginning of the year, Chinese economy, despite complex global situation, has maintained overall stability and posted stable growth with an improved economic structure, according to Wang.

The scale of China’s forex reserves is generally stable, said Wang, adding that small fluctuations in the scale of forex reserves are mainly affected by valuation factors.