China’s foreign exchange reserves rose USD 18.2B, or 0.6%, to USD 3.119T in June. Value of gold reserves rose from USD 79.83B to USD 87.27B. China’s State Administration of Foreign Exchange noted that Dollar index dropped while asset prices in international markets rose in June, factored by global trade situation and monetary policy of major central banks. Combined together, exchange rate conversion and asset price changes contributed to the increase in the country’s foreign exchange reserves.
SAFE also noted despite increased uncertainties, China’s economy has been “generally stable and operating in a reasonable range”. Supply and demand in the foreign exchange market has been “basically balance”. Looking forward, China will continue to promote high-quality economic development and actively implement all-round opening up measures.
Resilience and sustainability of economic growth will be further enhanced. These will provide strong support for the stability of China’s foreign exchange market, thus providing a solid foundation for maintaining the overall stability of foreign exchange reserves.
