China's forex reserves expand in December on weaker dollar

China's foreign exchange reserves expanded in December as the U.S. dollar weakened against other major currencies, official data showed on Saturday.

The country's foreign exchange reserves rose to $3.128 trillion in December, up 0.33 percent from a month earlier, the State Administration of Foreign Exchange said.

The foreign exchange regulator attributed the increase in China's foreign exchange reserves to monetary policy changes in other major economies and global macroeconomic conditions, causing the dollar to fall against other major currencies and driving up the value of China's non-dollar assets.

Data also showed the value of China's gold reserves rose from $111.65 billion in November to $117.24 billion by the end of December.

The conference held by the regulator on January 4 laid out the key tasks for foreign exchange control in the coming year.

The regulator pledged to improve the operation and management of foreign exchange reserves through various measures, including the promotion of specialized investment, scientific and technological operations, and market-oriented institutional governance. These efforts aim to ensure the safety, flow, preservation and appreciation of China's foreign exchange reserve assets.

(Cover via CFP)

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