China's Forex Reserves Hit 2018 Low Last Month
Xu Wei
/SOURCE : Yicai
China's Forex Reserves Hit 2018 Low Last Month

(Yicai Global) Oct. 8 -- China's foreign exchange reserves fell to their lowest value this year in September after falling for a second straight month.

Forex holdings stood at just under USD3.09 trillion at the end of just month, down 0.7 percent, or USD22.7 billion, from a month earlier, the central bank said in a statement yesterday. The reserves dipped by more than USD8.2 billion in August.

Wang Chunying, spokesperson for the State Administration of Foreign Exchange, put the decline down to exchange rate variance and changing asset prices. The dollar index was basically the same as late August, while other major currencies saw ups and downs and bond prices fell somewhat, he said.

China's economy is deeply adaptable and highly resistant to outside risks despite the great uncertainties looming over the market, Wang added, saying a stable economy will provide a solid foundation for a steady forex market. The country's forex reserves should stay around roughly amid some fluctuations, he continued.

Editor: James Boynton

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Keywords: Foreign Exchange Reserve , Pboc , SAFE