China's forex reserves edge down in October

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China's foreign exchange reserves stood at 3.053 trillion US dollars in October, down 33.9 billion US dollars from a month earlier, according to data from the People's Bank of China on Wednesday.

Wang Chunying, spokesperson for the State Administration of Foreign Exchange, attributed the decline to a number of factors including exchange rate conversion and changing asset prices.

This October saw more fluctuations in the global financial market, an increase of more than two percent in the US dollar index and changes in major countries' asset prices, Wang said.

China's cross-border capital flows and international balances of payments remained stable overall throughout the month, Wang said.

Despite the intricate international situation and growing uncertainty in the global market, the Chinese economy has maintained its stability and operated within a reasonable range so far this year, he said.

China's foreign exchange reserves are expected to remain stable during market fluctuations, Wang said, citing sufficient conditions that facilitate cross-border capital flows, such as great resilience and flexibility of the economy, economic transformation and upgrading, as well as the country's further opening up.

Source(s): Xinhua News Agency