China's foreign currency reserves drop in February

0 Comment(s)Print E-mail Xinhua, March 8, 2021
Adjust font size:
A pedestrian passes by the headquarters of the People's Bank of China in Beijing. [File photo/China News Service]

China's foreign currency reserves stood at 3.2049 trillion U.S. dollars at the end of February, down from 3.2106 trillion U.S. dollars registered at the end of January, the central bank said Sunday.

The country's gold reserves remained unchanged by the end of February at 62.64 million ounces, according to the People's Bank of China.

The foreign currency reserves fell by 5.7 billion dollars at the end of February, or 0.18 percent month on month, said the State Administration of Foreign Exchange spokesperson Wang Chunying.

China's foreign exchange market functioned smoothly with market expectations remaining stable, she said.

In global financial markets, the dollar index, which measures the greenback against six major peers, rose, while the financial asset prices of major countries fell, due to the progress in the development of COVID-19 vaccines and major countries' fiscal policies and inflation expectations, she said.

She attributed the decline in China's foreign currency reserves to the combined effects of currency translation and changes in asset prices.

Wang, however, expected the scale of China's foreign currency reserves to remain generally stable, despite uncertainties in global financial markets amid virus-induced risks.

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter