China’s Foreign Reserves Edged Lower to USD$3.22 Trillion in January


China’s foreign reserves saw a modest decline in the first month of 2022, following shifts to international exchange rates that led to a decline in non-dollar denominated assets.

As of the end of January 2022 China’s foreign reserves stood at USD$3.2216 trillion, for a decline of $28.5 billion, or 0.88%, compared to the end of 2021.

Wang Chunying (王春英), media spokesperson for the State Administration of Foreign Exchange (SAFE), said that the decline was the result of shifting exchange rates and a rise in the greenback, which brought down the value of non-dollar assets when converted into US dollar terms.

Wang said that China’s strong fundamentals remain unchanged however, and that this would “provide vigorous support to the overall stability of foreign reserves in futures.”