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China's forex reserves shrink in September

Updated: Oct 07,2020 07:17 PM    Xinhua

BEIJING — China's foreign exchange reserves shrank to $3.1426 trillion at the end of September, down by 0.7 percent from that at the end of August, official data showed on Oct 7. 

China's foreign exchange market demand and supply in September and cross-border fund flows were generally stable, said Wang Chunying, spokesperson for the State Administration of Foreign Exchange.

In the global financial market, the dollar index, which measures the greenback against six major peers, rose slightly, and asset prices were mixed due to the COVID-19 outbreaks and monetary and fiscal policies of major countries, she said.

Due to the combined effects of exchange rate conversion and asset price changes, the scale of foreign exchange reserves decreased in September, she said.

Despite mounting uncertainties brought by the pandemic, China has entered a stage of high-quality development and its fundamentals of stable and long-term economic growth have not changed, which is conducive to the overall stability of foreign exchange reserves, Wang said. 

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