BEIJING — China's foreign exchange reserves expanded to $3.1982 trillion at the end of April, official data showed on May 7.

The total was up by $28.2 billion, or 0.89 percent, from the end of March, according to the State Administration of Foreign Exchange (SAFE).

Commenting on the April rise, SAFE spokesperson Wang Chunying said the foreign exchange transactions had functioned stably, with supply and demand in the forex market basically balanced.

Due to the development of COVID-19 vaccines and monetary policy expectations, as well as macroeconomic data from major economies, the dollar index saw a decline in the global financial markets, said Wang, adding that the financial asset prices of major economies were generally rising.

The spokesperson attributed the growth of the country's forex reserves to the combined effects of currency translation and the change in asset prices.

Despite uncertainties in the international financial market amid the spread of COVID-19 overseas and an unbalanced global economic recovery, the scale of forex reserve remains generally stable as China's economy has gotten off to a good start this year with new achievements in high-quality development and a more flexible yuan exchange rate, said Wang.