China's foreign exchange reserves reach over $3.1 trillion in July, forex market stable: SAFE
An employee at an Agricultural Bank of China branch in Qionghai, Hainan Province, counts out yuan and US dollar-denominated deposits. Photo: CFP
China's foreign exchange reserves reached $3.104 trillion at the end of July, up by 1.07 percent over June, the State Administration of Foreign Exchange (SAFE) announced on Sunday.
Wang Chunying, deputy head of the SAFE, suggested that China's foreign exchange market remains stable as domestic supply and demand keep in balance, noting that the change of global exchange rates and assets prices has helped the country's foreign exchange reserves to grow.
In international finance market, the index of the US dollar and the price of major financial assets rise due to the monetary policy change in major economies, such as in the US, which was forced to raise interest rates to curb runaway inflation.
Wang noted that China's resilient and energetic economy will further support the stability of its foreign exchange reserves.
Global Times
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