China’s Foreign Reserves Rebound to USD$3.0617 Trillion in November

32

The latest official data points to a slight uptick in China’s foreign reserves in November following three consecutive months of contraction.

Data released by the Chinese central bank indicates that as of the end of November 2018 China’s foreign reserves were USD$3.0617 trillion, for an increase of 0.3%, or $8.6 billion, compared to the preceding month, bringing and end to three consecutive months of decline.

Wang Chunying (王春英) from the State Administration of Foreign Exchange (SAFE) said that the bond prices of major economies saw a modest overall rise following shifts in expectations of US monetary policy and fluctuations in international oil prices.

According to Wang the overall impact of shifts in exchange rates and asset prices was a rise in China’s foreign exchange.

“While the global economy faces a large number of uncertainties, the Chinese economy’s long-term improvement remains fundamentally unchanged,” said Wang.

“Following the continued expansion of reform and opening of China, the momentum and impetus of China’s economic growth will further strengthen, providing a solid foundation for overall stability of the forex market.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here