March 1, 2021

China's foreign exchange reserves rise 0.6% in June

China's foreign exchange reserves rose by 0.6% in June to reach 3.11 trillion dollars (2.77 trillion euros), the State Administration of Foreign Exchange (SAFE) reported today.

The increase of 18.2 billion dollars (16.214 billion euros) compared to May in foreign currency reserves was due to changes in the valuation of exchange rates and the price of properties, explained the spokesperson and chief economist of the SAFE, Wang Chunying.

The spokesman foresaw stability in this field in China "despite the uncertainties that abound in the world and in international financial markets."

"China will continue to promote high-quality economic development, will take more measures to advance its opening," which will contribute to the country's economy is "more resilient and sustainable," he added.

China is immersed in a trade war with the US that, according to several analysts, will negatively affect both economies, as well as those of the rest of the planet.

On June 29, Trump and Xi agreed to a new truce to their trade dispute, for which Washington stopped the imposition of new tariffs on China and agreed to allow US companies to sell products to Huawei technology.

. (tagsToTranslate) reserves (t) currencies (t) China (t) increase (t) June

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