China’s Foreign Reserves Fall $46.1 Billion in March, Still Above 3 Trillion Dollar Threshold
China’s foreign reserves saw a decline in the month of March, yet still remains above the three trillion dollar threshold.
The State Administration of Foreign Exchange (SAFE) announced on 7 April that China’s foreign reserves stood at USD$3.0606 trillion at the end of March, for a decline of $46.1 billion compared to the end of February.
The end of March figure marked a decline of $47.3 billion yuan, or 1.5%, compared to the start of the year.
Gold reserves held steady compared to February at 62.64 million ounces.
SAFE chief economist Wang Chunying (王春英) imputed the decline in China’s foreign reserves since the start of the year to the accelerating spread of the novel coronavirus globally, and large-scale declines in global crude oil prices.
According to Wang at present China’s forex market is stable overall, while forex supply and demand are basically balanced.