This Jan 6, 2017 photo illustration shows Chinese 100 yuan notes and one US dollar notes in Beijing. China’s foreign exchange reserves increased 0.5 percent from December 2018 to reach US$3.0879 trillion in January, data showed. (FRED DUFOUR / AFP
BEIJING – China's foreign exchange (forex) reserves rose to US$3.0879 trillion at the end of January, data showed Monday.
Despite the unstable and uncertain international environment, China's forex reserves largely remained stable.
Wang Chunying, Spokesperson, State Administration of Foreign Exchange
The forex reserves increased US$15.2 billion, or 0.5 percent, from December 2018, according to data of the State Administration of Foreign Exchange (SAFE).
It is believed that factors including stronger non-dollar denominated currencies and price hikes of financial assets contributed to the rising reserves.
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"Despite the unstable and uncertain international environment, China's forex reserves largely remained stable," Wang Chunying, SAFE spokesperson and chief economist, said citing China's stable economic development with progress, and the balance of international payments.
China's forex reserves are expected to remain stable amid fluctuations, given that the Chinese economy will continue its long-term, healthy development trend, said Wang.
Continued advance of opening-up and balanced cross-border capital flows made possible as the result of the improved forex market mechanism will fend off external impact and market volatility, added the spokesperson.
HONG KONG NEWS