Decline in China’s forex reserves
Print Edition
China’s foreign exchange reserves shrank to US$3.214 trillion at the end of June, down 7.8 billion dollars from a month earlier, official data showed yesterday.
The amount fell by 0.24 percent from the end of May, according to the State Administration of Foreign Exchange.
In June, the forex market maintained stable operations with rational transactions, said SAFE spokesperson Wang Chunying.
The spokesperson attributed the decline in forex reserves to the combined effects of currency translation and changes in asset prices.
Affected by factors such as the COVID-19 pandemic, the development of COVID-19 vaccines and expectations of major countries' fiscal and monetary policies, the dollar index saw an increase, while prices of financial assets in major countries rose last month, Wang said.
Although there are still uncertainties in the global economic and financial situation due to virus-induced risks overseas, China's economy has sustained a stable recovery, which will help maintain the basic stability of the forex reserves, Wang noted.
Meanwhile, China will increase financial support for the real economy, especially for micro, small and medium-size enterprises, a State Council executive meeting chaired by Premier Li Keqiang decided yesterday.
To that end, the country will adopt monetary tools such as cuts in the reserve requirement ratio for banks at an appropriate time.
Such measures are expected to mitigate the impact of commodity price hikes on the operation of companies, and the country will refrain from a mass stimulus and maintain the stability of its monetary policy.
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