May 08, 2024 (MENAFN via COMTEX) --
(MENAFN) The State Administration of Foreign Exchange disclosed on Tuesday that China's foreign exchange reserves saw a decline to USD3.2 trillion at the conclusion of April, marking a 1.38 percent decrease compared to the end of March. This decline, as highlighted by the country's foreign exchange regulator, stemmed from a confluence of factors, notably currency translation effects and shifts in asset prices across global markets.
The regulator pointed out that during the previous month, there was an observable rise in the U.S. Dollar index, coupled with a general downturn in prices across various global financial assets. These trends were influenced by prevailing expectations surrounding monetary policy adjustments in major economies, as well as the release of macroeconomic data reflecting the economic performance of these nations.
In spite of the observed decrease in foreign exchange reserves, the regulator underscored the inherent strength and resilience of China's economy. It emphasized the nation's solid foundation, robust resilience in the face of external challenges, and substantial growth potential. These fundamental attributes, according to the regulator, are instrumental in supporting China's ability to maintain a stable scale of forex reserves over time.
This affirmation of China's economic strength and stability serves to reassure market participants and stakeholders amidst fluctuations in global financial markets. It reflects a continued commitment to prudent financial management and the pursuit of policies aimed at fostering sustainable economic growth and resilience in the face of external uncertainties.
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COMTEX_452081836/2604/2024-05-08T16:42:06
