China’s foreign exchange reserves came in at 3.09 trillion US 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 US 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.
[Cover Image: IC]
