China’s Foreign Reserves Rise 1.82% in January to more than US$3.18 Trillion

187

China’s foreign reserves posted a sizeable rise in the month of January, after seeing multiple months of decline in 2022.

According to data from the State Administration of Foreign Exchange (SAFE), as of the end of January China’s foreign exchange reserves were US$3.1845 trillion, for an increase of US$56.8 billion, or 1.82%, compared to the end of 2022.

“In January 2023, due to the impact of factors such as global macroeconomic data and the monetary policy expectations of major economies, the U.S. dollar index fell, and the prices of global financial assets posted increases,” SAFE said.

“Due to the integrated effects of exchange rate conversion and asset price changes, the scale of foreign exchange reserves increased that month. China’s economy continues to recover and display an upward trend, while endogenous driving forces continues to increase, all of which is conducive to maintaining the basic stability of the scale of foreign exchange reserves.”