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China’s forex reserves edge up for 3rd straight month

Updated: Feb 12,2019 10:36 AM     CGTN

China’s foreign exchange reserves edged up by $15.2 billion on a monthly basis to the tune of just under $3.1 trillion at the end of January 2019, according to China’s central bank data released on Feb 11.

This growth tendency began last November.

It is believed that factors including stronger non-dollar denominated currencies and the price hike 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, spokesperson and chief economist of the State Administration of Foreign Exchange (SAFE), 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 advancement of opening-up and balanced cross-border capital flows due to an improved forex market mechanism, which will fend off external impact and market volatility, Wang said.

Data from the People’s Bank of China (PBOC) also showed the country’s gold reserves went up from last December’s 59.56 to 59.94 million ounces at the end of January, which is equivalent to $79.319 billion.