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China's May forex reserves come in at $3.177 trillion

2023/6/8 14:08:35   source:CGTN

China's foreign exchange reserves came in at $3.177 trillion at the end of May, contracting 0.88 percent from a month earlier, data released Wednesday by the State Administration of Foreign Exchange (SAFE) showed.

The country's forex market regulator attributed the decline to the combined effects of exchange-rate conversion and asset price changes.

In May, the U.S. dollar index strengthened, while overall global financial asset prices were mixed, it said.

The Chinese economy continued to improve, which was conducive to maintaining the size and basic stability of the country's forex reserves, SAFE said in a statement.

Bruce Pang, chief economist and head of research at JLL Greater China, told CGTN the fall in the total forex reserves is temporary, and does not represent a downward trend.

Expectations of foreign investors and enterprises will continue to improve with yuan-denominated assets becoming more attractive going forward, which will be beneficial toward the overall stability of China's forex reserves, Pang added.

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