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China's forex reserves expand in October

Date: 08-11-2019
Subject: China's forex reserves expand in October
China's foreign exchange reserves, the largest in the world, stood at $3.1052 trillion at the end of October, official data showed on November 7.

The amount increased by $12.7 billion, or 0.4 percent from the end of September, according to the State Administration of Foreign Exchange(SAFE).

Wang Chunying, a spokesperson for the SAFE, said the scale of forex reserves is affected by multiple factors including exchange rates and changes in asset prices.

"Factors including the global trade situation, monetary policies of major countries and prospects concerning Brexit led to a drop in the US dollar index and lower bond prices of major countries," said Wang.

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Despite mounting external uncertainties, the Chinese economy has maintained overall stability and posted stable growth with an improved economic structure, Wang said, citing balanced supply and demand in the forex market and the firm growth of forex reserves.

China's strong economic fundamentals and continuous reform and opening-up will help the country to tackle risks and challenges and provide a solid foundation for the forex reserves to remain generally stable, state-run Xinhua news agency quoted Wang as saying.

Source: moneycontrol.com

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