China's forex reserves decrease in September due to global coronavirus disruption
Updated 20:02, 07-Oct-2020


China's foreign exchange reserves contracted to $3.143 trillion at the end of September, down 0.7 percent from the end of August, official data showed Wednesday.

China's foreign exchange market demand and supply in September and cross-border fund flows were generally stable, said Wang Chunying, spokesperson for the State Administration of Foreign Exchange.

In the global financial market, the dollar index rose slightly, and the asset prices were mixed due to the coronavirus outbreaks overseas, as well as the monetary and fiscal policies of major countries, said Wang.

The combined effects of exchange rate conversion and asset price changes resulted in a decrease in foreign exchange reserves last month.

Despite the complex and severe situation of the pandemic overseas, China's fundamentals of stable and long-term economic growth have not changed as the country has entered a stage of high-quality development, said Wang. 

"The various advantages and conditions of China's economy have not changed, which is conducive to the overall stability of foreign exchange reserves."