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China’s foreign currency reserves up in July

by Dubai Forum
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BEIJING, 7th August, 2022 (WAM) — China’s foreign exchange reserves climbed to US$3.1 trillion by the end of July, up US$32.8 billion from June, data from the State Administration of Foreign Exchange (SAFE) showed on Sunday.

Chinese news agency, Xinhua, quoted Wang Chunying, SAFE’s Deputy Administrator, as saying, “Supply and demand in the domestic foreign exchange market remained balanced.”

Wang attributed the increase in forex reserves to the increase in the dollar index and financial asset prices globally.

Deeming the external situation to be complex and grim, Wang said the global financial market still faces uncertainties amid increasing risks and challenges in the global economy.

But China’s economic fundamentals for long-term growth have remained unchanged thanks to its efforts in coordinating COVID-19 prevention and control with economic and social development, which will keep the country’s forex reserves stable, Wang said.

WAM/Amjad Saleh

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