SHANGHAI :
China's ForEx Pile Sheds USD3.8 Trillion After Five-Month Growth Streak
Xu Wei
DATE:  May 08 2019
/ SOURCE:  yicai
China's ForEx Pile Sheds USD3.8 Trillion After Five-Month Growth Streak China's ForEx Pile Sheds USD3.8 Trillion After Five-Month Growth Streak

(Yicai Global) May 7 -- China's foreign exchange reserves dropped by USD3.8 billion to USD3.1 trillion at the end of last month from March.

Exchange rate conversion and asset price changes ended the five-month streak, the State Administration of Foreign Exchange announced today on its website.

Uncertainties will persist in global economic and financial markets, but China will hold to long-term positive economic growth and keep pushing its reform and opening-up nonetheless, said SAFE Spokesperson Wang Chunying. Stabilizing factors such as the domestic economy and policies and cross-border capital flows will preserve a balance and lay a solid basis for China to maintain steady forex reserves, she added.

China's foreign exchange reserves climbed by 1.3 billion in special drawing rights -- the International Monetary Fund's basket of reserve currencies – last month to 2.2 trillion SDR.

China's gold reserves were 61.1 million ounces in April, a monthly jump of 480,000 ounces, also after five months of growth in a row, SAFE data shows.

Editor: Ben Armour
 

Follow Yicai Global on
Keywords:   Foreign currency reserves,SAFE