China’s forex reserves edge down in Sept
Baku, October 8, AZERTAC
China's foreign exchange reserves went down to $3.029 trillion by the end of September due to a strong US dollar and a fall in global financial markets, the State Administration of Foreign Exchange said on Friday, according to chinadaily.com.cn.
The amount marked a decline of $25.9 billion or 0.85 percent compared with the end of August, SAFE said in a statement.
Wang Chunying, spokeswoman of SAFE, said the country's foreign exchange reserves edged down as global financial markets shed, while the dollar strengthened amid adjustments of monetary and fiscal policies in major economies. A stronger dollar has made reserves denominated in other currencies less valued in the dollar term.
Despite rising unstable external factors and higher volatility of international financial markets, China's economy continues to recover and features great resilience, conducive to keeping the amount of foreign exchange reserves stable, Wang said.
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