China’s foreign exchange reserves fell 0.85% month-on-month in September to 3.029 trillion dollars (3.09 trillion euros), the State Administration of Foreign Exchange (SAFE) reported today.
The reduction compared to August was about 25.9 billion dollars, the institution said in a statement published on its website.
SAFE deputy director general and chief spokesperson Wang Chunying explained that the decline was due to “the combined effect of factors such as exchange rate conversion and changes in asset prices.”
In September, China’s foreign exchange supply and demand and cross-border capital flows remained “balanced,” she said.
Likewise, Wang warned of a “complex and serious” external situation and warned of the “intensification of the volatility of the international financial market” and of an “increase in the factors of instability and uncertainty in the world economy.”
However, the spokeswoman pointed to the “resilience, potential and ample room for manoeuvre” of the Chinese economy and expressed confidence that the levels of national foreign exchange reserves remain “stable.”
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