Update: China’s forex reserves rise to 3.238 trln USD: data

BEIJING, Jan. 7 (Xinhua) — China’s forex reserves totaled 3.238 trillion U.S. dollars as of the end of December 2023, rising by 66.2 billion U.S. dollars, or 2.1 percent compared to the end of November, according to data released on Sunday by the State Administration of Foreign Exchange (SAFE).

In a statement, the SAFE said that, affected by factors such as the monetary policies of the world’s major economies as well as expectations, the U.S. dollar index saw a decline in December while global financial asset prices generally increased.

It attributed the increase in the scale of the country’s foreign exchange reserves to the combined effects of currency translation and changes in asset prices and other factors.

The Chinese economy continues to pick up and improve as high-quality development is solidly advanced, which will provide support for the stability of the nation’s foreign exchange reserves, it added. 

This article was originally published by a english.news.cn . Read the Original article here. .