China’s forex reserves rise to $3.1277 trillion

Beijing, The Gulf Observer: China’s foreign exchange reserves rose to US$3.1277 trillion at the end of December 2022, up 0.33 percent from a month earlier, data from the State Administration of Foreign Exchange showed, Chinese News Agency, Xinhua, reported.

The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined impact of currency translation and asset price changes.Affected by the monetary policy and expectations of major economies, and global macroeconomic data, the U.S. dollar index fell, and the prices of global financial assets declined last month, the regulator said.

It added that China’s foreign exchange reserves are expected to stay generally stable as the Chinese economy enjoys strong resilience, tremendous potential, and great vitality, and the fundamentals sustaining its long-term growth have remained strong.