BEIJING — China's foreign exchange reserves shrank to $3.128 trillion at the end of October from $3.1426 trillion at the end of September, data showed on Nov 7.

The amount decreased by $14.6 billion, or 0.46 percent, from the end of September, according to the State Administration of Foreign Exchange (SAFE).

China's forex market in October was generally stable with rational and orderly exchanges, said SAFE spokesperson Wang Chunying.

Wang attributed the October retreat to the combined impacts of the COVID-19 outbreak, as well as market expectations of monetary and fiscal policies, which pushed up the dollar index and resulted in the decline of asset prices of major economies in the global financial market.

Despite mounting uncertainties and increased volatilities in the international financial market, Wang said China's economy maintains good momentum and strong resilience.

The country will step up efforts to foster a new development pattern during the next five years and promote the sustained and healthy development of its economy on the basis of higher efficiency, thus providing a solid foundation for the stability of forex reserves, Wang added.