Fri. Apr 19th, 2019

China's currency reserves increase 0.3 percent in March

China's currency reserves increase 0.3 percent in March



The reserves of foreign currency in China stood at 3.0988 billion dollars (2.7596 billion euros) at the end of March, which represents an increase of 0.3% with respect to the previous month, according to data published by the State Administration of Foreign Exchange (SAFE).

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The agency explained that the increase of 8,581 million dollars (7,642 million euros) shows that, "despite the imbalance of the external environment and factors of uncertainty", China's economy has remained "stable."

In a statement posted on the official website of SAFE, the organization's chief economist, Wang Chunying, cites several factors that generate uncertainty such as China-US trade negotiations or possible monetary policy adjustments of European and US central banks. .

However, Wang believes that the stability of the Chinese foreign exchange market has been reinforced in recent times and has consolidated "solid foundations for a stable scale" in its reserves.

Looking ahead, the agency representative recognizes that the global situation in political and economic terms is "complicated", but more flexible exchange rates of the renminbi (the yuan, the national currency) could act as an "automatic stabilizer" of the exchange rate with other currencies.

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