China’s Foreign Reserves Exceed USD$3.2 Trillion at End of 2020

379

Official data indicates that China’s foreign reserves posted a modest increase in the final month of 2020.

China’s foreign reserves increased by USD$3.8 billion in December, for a 1.2% rise to reach $3.2165 trillion as of the end of 2020, according to figures released by the State Administration of Foreign Exchange (SAFE) on 8 January.

Wang Chunying, deputy-head of SAFE, said that China’s forex market remained stable overall, and that market transactions remained “rational and orderly.”

“In [December] foreign reserves rose, due to the joint role of factors including the US dollar index declining, and non US-dollar currencies and the asset prices of other key countries all rising,” said Wang.

Wang said that the global economy remained “complex and challenging,” and the shock of the COVID-19 pandemic had resulted in associated risk that cannot be ignored.

LEAVE A REPLY

Please enter your comment!
Please enter your name here