SHANGHAI :
China's Forex Reserves Rise for Fifth Straight Month to USD3.1 Trillion
Xu Wei
DATE:  Apr 08 2019
/ SOURCE:  yicai
China's Forex Reserves Rise for Fifth Straight Month to USD3.1 Trillion China's Forex Reserves Rise for Fifth Straight Month to USD3.1 Trillion

(Yicai  Global) April 8 -- China's foreign exchange reserves edged up USD8.6  billion to USD3.1 trillion in March, marking the fifth successive  monthly rise.

The People's Bank of China attributed the rise to growing financial asset prices along with other factors in a statement. 

China's forex reserve's special drawing rights rose by 21.7 billion monthly to 2.2 trillion for March.

The  US dollar index edged up last month following the China-US trade talks,  as well as adjusted expectations in currency policies in western  countries and Brexit uncertainty, said Wang Chunying, press spokesperson  at China's State Administration of Foreign Exchange, adding that  financial asset prices also rose.

China's forex reserve rose incrementally due to the combined effect of the exchange rate and asset price alteration, he added.

The  global economic situation is complicated and will see rising  uncertainty and downward pressure on growth, while the financial asset  price will stay high and the international financial market will see a  greater possibility of volatility, Wang noted. 

The  Chinese economy will develop within a reasonable range and the exchange  rate will gradually stabilize as the yuan exchange rate becomes more  resilient, which is in favor of China's stable forex reserve overall.

China's  gold reserves rose 360,000 ounces to 60.6 million ounces as of late  March, marking a fourth consecutive month of growth, according to data  from the central bank. However, the gold value declined as the price  fell. The value contracted USD973 million to USD78.5 billion for the  month. 

Editor: William Clegg

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Keywords:   Foreign Exchange Reserves,Central bank