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China’s forex reserves continue to grow in January

Updated: Feb 11,2019 8:59 PM     Xinhua

BEIJING — China’s foreign exchange (forex) reserves rose to $3.0879 trillion at the end of January, data showed on Feb 11.

The amount increased $15.2 billion, or 0.5 percent, from the level by the end of December 2018, according to data of the State Administration of Foreign Exchange (SAFE).

It is believed that factors including stronger nondollar denominated currencies and price hikes of financial assets contributed to the rising reserves.

“Despite the unstable and uncertain international environment, China’s forex reserves largely remained stable,” said Wang Chunying, SAFE spokesperson and chief economist, citing China’s stable economic development with progress, and the balance of international payments.

China’s forex reserves are expected to remain stable amid fluctuations, given that the Chinese economy will continue its long-term, healthy development trend, along with continued advance of opening-up and balanced cross-border capital flows made possible as the result of the improved forex market mechanism, which will fend off external impact and market volatility, Wang said.