China's forex reserves expand in June

CNC
Added On July 10, 2019

According to the State Administration of Foreign Exchange (SAFE), foreign exchange reserves increased by 18.2 billion U.S. dollars, or 0.6 percent from the end of May.

A SAFE spokesperson attributed June's rise to various factors, including exchange rate fluctuations and changes in asset prices.
 
The U.S. dollar index dropped more than 1.5 percent last month, leading to an appreciation of major non-dollar currencies.
 
Rising bond prices also contributed to the increase in forex reserves.
 
China's gold reserves rose for a seventh straight month reaching 61.94 million ounces worth 87.27 billion U.S. dollars in June.
 
SAFE's spokesperson stressed that China's foreign exchange market has maintained a basic balance between supply and demand and?that China will continue to promote high-quality economic development, unveil more measures to advance all-round opening-up, and increase resilience and sustainability of the economy in order to provide a solid basis for the stability of foreign exchange reserves.