China's forex reserves rise in November

0 Comment(s)Print E-mail Xinhua, December 8, 2021
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China's foreign exchange reserves rose to 3.2224 trillion U.S. dollars at the end of November, up 4.8 billion from a month earlier, official data showed Tuesday.

The volume went up 0.15 percent from the end of October, said the State Administration of Foreign Exchange (SAFE).

Trading in China's forex market remained brisk and the flow of cross-border capital was largely stable in November, said Wang Chunying, deputy director and spokesperson of the SAFE.

Affected by factors such as the COVID-19 pandemic and expectations of major countries' monetary policies, the dollar index saw an increase, and the overall bond prices of major countries went up last month, Wang said.

The spokesperson attributed the increase in forex reserves to the combined effects of currency translation and changes in asset prices.

With the resurgence of COVID-19 pandemic, recovery of world economy faces many uncertainties as the international financial market fluctuates, Wang said.

However, Wang added that China's coordinated efforts in epidemic control and economic development and the sustained resumption of economic operations are conducive to keeping the scale of forex reserves generally stable. 

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