China’s Foreign Exchange Reserves Fall in September

By | 9 October 2021

China’s Foreign Exchange Reserves Fall in September

BEIJING-Official data on Thursday showed that as of the end of September, China’s foreign exchange reserves had fallen to 3.2006 trillion U.S. dollars. A decrease of 31.5 billion U.S. dollars from the previous month.

The State Administration of Foreign Exchange (SAFE) stated that the transaction volume dropped by 0.97% from the end of August.

Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange. Attributed the decline in foreign exchange reserves in September to the combined effects of currency conversion and asset price changes.

The Wang said that the U.S. dollar index rose due to the resurgence of the COVID-19 pandemic and expectations of major countries’ monetary policies. Adding that the weakening of non-dollar currencies and changes in asset prices have led to a decline in China’s foreign exchange reserves. foreign exchange reserves.

Wang Chunying said that the current epidemic is still evolving

The global economic recovery is facing challenges, and uncertainties in the international financial market are increasing. However, the fundamentals of my country’s long-term economic improvement have not changed, and development resilience continues to show up. Which is conducive to maintaining overall stability in the scale of foreign exchange reserves.

Wen Bin also said that in the next stage, the scale of my country’s foreign exchange reserves will continue to remain stable. My country’s economy will continue to continue its steady and positive recovery. Macroeconomic policies will strengthen cross-cyclical control, major economic indicators will operate within a reasonable range. Economic fundamentals will continue to improve, and the scale of foreign exchange reserves will have the basis for maintaining stability.

At the same time, we must also see that the current epidemic situation continues to evolve. Which is disrupting economic recovery. There are many imbalances and unbalanced factors in the global economic recovery. The Fed’s monetary policy shift may further increase global financial market volatility. Our country must do a good job in the inter-cyclical adjustment of macroeconomic policies, continue to vigorously boost domestic demand. Accelerate shortcomings, strengths and weaknesses, balance the relationship between stable growth and risk prevention, and be prepared to respond to various risk shocks.

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