The State Administration of Foreign Exchange (SAFE) released this data on Thursday, highlighting the country’s strong position in terms of foreign currency reserves.
SAFE noted that several factors have influenced this growth, including macroeconomic data and expectations regarding the monetary policies of major economies. The dollar index saw an increase during this period, while global financial asset prices remained mixed.
The rise in China’s foreign exchange reserves can be attributed to a combination of factors, such as currency translation and fluctuations in asset prices among others. This increase reflects the stability and resilience of China’s economy amidst changing global economic conditions.
SAFE also expressed optimism about the future trajectory of the Chinese economy, indicating that it will continue to pick up momentum. This positive outlook is expected to contribute to maintaining the stability of the country’s foreign exchange reserves moving forward.