October 25, 2020

Chinese foreign exchange reserves fall to 3.1067 billion dollars in February



China’s foreign exchange reserves fell in February to 3.1067 trillion dollars (2.75 trillion euros) compared to 3.155 trillion dollars (2.76 trillion euros) the previous month, the State Administration of Foreign Exchange reported today (SAFE).

This represents a decrease of 1,200 million dollars (1,063 million euros) equivalent to 0.04% since the beginning of 2020.

SAFE chief spokeswoman Wang Chunying explained that the amount of foreign currency reserves remained stable during the month of February, “while the fall was due to multiple factors such as exchange rates and property prices.” .

Among those factors was also the epidemic of the new SARS-CoV-2 coronavirus, which “led to a slight increase in the dollar index and bond prices” in the world’s largest economies, according to Wang.

For the agency’s spokeswoman, “despite the increase in external uncertainty, China’s long-term economic growth will not vary and the impact of the coronavirus on the Chinese economy is expected to be brief and manageable.”

Wang predicted that China’s foreign exchange market will remain stable “as the country’s healthy and strong economy sees more and more positive factors.”

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