State Administration of Foreign Exchange photo: VCG

 
China’s foreign exchange reserves fell slightly to $3.20499 trillion at the end of February from the previous month, due to the rising dollar value and falling bond assets prices in major economies.

Foreign exchange reserves in February were down 0.18 percent compared to the previous month, above the expectation of $3.2 trillion, according to the State Administration of Foreign Exchange (SAFE) on Sunday. 

Wang Chunying, spokesperson of SAFE said that in February, China’s foreign exchange market is operating stably with more reasonable market expectations. The US dollar was pushed up by the rollout of COVID-19 vaccines and the fiscal stimulus policies of the major economies in the world. 

The yuan fell 0.59 percent against the US dollar in February, while the dollar rose 0.43 percent last month against a basket of major currencies.

Global Times