China’s forex reserves down in September

By: XINHUA 1 min read
China’s forex reserves down in September
Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in currency value/AFP

BEIJING, Oct. 7 (Xinhua) — China’s foreign exchange reserves came in at 3.1151 trillion U.S. dollars at the end of September, down from 3.1601 trillion dollars at the end of August, the State Administration of Foreign Exchange said Saturday.

The country’s foreign exchange regulator attributed this decrease to the combined impact of currency translation and asset price changes.

The U.S. dollar index rose in September and the prices of global financial assets largely declined, affected by the fiscal and monetary policies of major economies as well as their macroeconomic data, the regulator said.

China’s economic recovery is gathering pace and high-quality development is making solid progress, which is conducive to maintaining the stability of the scale of foreign exchange reserves, the regulator added.

XINHUA

XINHUA

Xinhua News Agency, founded on November 7, 1931, is China’s national news agency as well as a global news and information network. Xinhua has set up a global news and information gathering network, with headquarters in Beijing, 33 domestic bureaus in provinces, autonomous regions and municipalities plus the special administrative regions of Hong Kong and Macao, as well as 140 bureaus in the rest of the world. Xinhua is yet to set up a bureau in Taiwan, where it has posted resident correspondents. Xinhua provides its worldwide subscribers with news and financial information products in the forms of text, photo, graphics, audio, video, and mobile phone text messages 24 hours a day in eight languages: Chinese, English, French, Russian, Spanish, Arabic, Portuguese and Japanese.