China's forex reserves expand 1.62% in March

China's foreign exchange reserves came in at $3.18 trillion at the end of March, up 1.62 percent from a month earlier, data released Friday by the State Administration of Foreign Exchange (SAFE) showed.

The agency attributed the rise to the combined effects of exchange-rate conversion and asset price changes.

In March, the U.S. dollar weakened against other major currencies while overall global financial asset prices rose.

China has a solid economic foundation and broad prospects for development, which is conducive to maintaining the size and basic stability of forex reserves, SAFE said in a statement.

(Cover via CFP)

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