October 22, 2020

Chinese currency reserves rise to $ 3.10 billion in December



Chinese currency reserves rose in December to 3.108 billion dollars (2.78 billion euros) compared to 3.095 billion dollars (2.77 billion euros) the previous month, the State Administration of Foreign Exchange (SAFE) reported Tuesday , for its acronym in English).

The balance with which Chinese foreign currency reserves end 2019 implies that throughout the year they increased by 35,212 million dollars (31,508 million euros), that is, 1.15% more than the figure recorded at the end of December of 2018.

Wang Chunying, the SAFE chief spokeswoman, explained that the amount of foreign currency reserves “is affected by multiple factors, including exchange rates and changes in the stock market.”

Wang said that, despite growing external uncertainties, the Chinese economy “continues to grow in a reasonable range,” and stressed the overall stability of foreign exchange reserves.

And, although “the volatility of international financial markets may increase,” the representative of the institution said that the Chinese economy has “the ability to resist, potential and room for maneuver, while its long-term positive trend remains unchanged.”

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