China’s foreign exchange reserves rise to $ 3.22 trillion in October

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EX7051. (), 07/11/2021.-Shanghai (China), November 7 (EFE) .- China’s foreign exchange reserves rose 0.53% month-on-month in October to $ 3.218 trillion ($ 2.785 trillion). euros), reported today the State Exchange Administration (SAFE).

The lead over September data is around $ 17,000 million (€ 14,715 million).

The deputy director of SAFE and chief spokesperson for the institution, Wang Chunying, explained that the increase in reserves is mainly due to the fact that the dollar index fell slightly in October due to “factors such as that the progression of the pandemic (of covid-19) or the expectations on the monetary and fiscal policies of the main countries ”.

So, since China’s foreign exchange reserves are denominated in dollars, the exchange rate of the US currency was favorable to the Asian country.

Despite this, Wang again warned of the uncertainty COVID poses to the global economic recovery and financial markets, though he also reiterated his optimism about China’s resilience and the stability of the country. its foreign exchange reserves in the future.

(c) EFE Agency

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