China FX Reserves: $3.1121 trln by June

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Europe

01:35

Meanwhile, Data from the People's Bank of China said the country's foreign exchange reserves stood at over 3.1 trillion US dollars by the end of June. That was an increase of 1.5 billion US dollars from May. The central bank also said the foreign exchange market is running smoothly.

China's foreign exchange reserves amounted to over 3.1 trillion by the end of June. That was an increase of 0.05% from May. The State Administration of Foreign Exchange (SAFE) attributed the rise to a stable forex market at home, the dollar's strength and fluctuating asset prices.

LIAN PING, CHIEF ECONOMIST BANK OF COMMUNICATIONS "The foreign exchange rate tends to decrease, but it is actually increasing, which means that the current situation of capital flow was mainly a net inflow in June."

The SAFE said the economy has been stable this year with good momentum for growth. Sound economic fundamentals have stabilized market expectations and cross-border capital flows.

WANG YOUXIN, SENIOR RESEARCH FELLOW INT'L FINANCE RESEARCH INSTITUTE OF BANK OF CHINA "China's economy remains at a high level, and the openness of our financial market is increasing, and the RMB exchange rate has been basically stabilized recently. These positive factors are conducive to the continuous inflow of foreign investment."

The forex regulator said the country's supply-side structural reform with continuing reform and opening-up for stable economic growth can ensure stability in the forex market. SAFE warned of external uncertainties, especially those originating in the United States, but expected forex reserves to stay generally stable in the near future.