China's forex reserves fall in March

0 Comment(s)Print E-mail Xinhua, April 7, 2022
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A worker counts Chinese currency Renminbi (RMB) at a bank in Linyi, east China's Shandong Province. [Photo/Xinhua]

China's foreign exchange reserves fell in March as asset prices changed amid a strengthening U.S. dollar, data from the State Administration of Foreign Exchange showed on Thursday.

China's forex holdings amounted to 3.188 trillion U.S. dollars at the end of March, down 25.8 billion U.S. dollars, or 0.8 percent, from the end of February.

"In March, China's cross-border capital inflows generally picked up and supply and demand in the domestic forex market remained basically balanced," said Wang Chunying, the administration's deputy head, commenting on the data.

Wang attributed the decline of forex reserves to the combined effect of the rise in the dollar index and the changes in asset prices, as a result of factors including COVID-19, geopolitical situations and the monetary policies of major countries.

Wang said that, despite a protracted pandemic, complex external circumstances and the volatile global financial market, China will continue to coordinate COVID-19 prevention and economic development, with its strong economic resilience and sound fundamentals unchanged, which will help to stabilize the country's forex reserves.

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