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Sunday, March 07, 2021, 18:22
China's foreign currency reserves drop in February
By Xinhua
Sunday, March 07, 2021, 18:22 By Xinhua

BEIJING - China's foreign currency reserves stood at US$3.2049.9 trillion at the end of February, down from US$3.2106.7 trillion registered at the end of January, the central bank said Sunday.

The country's gold reserves remained unchanged by the end of February at 62.64 million ounces, according to the People's Bank of China. 

Wang Chunyin, spokesperson for the State Administration of Foreign Exchange attributed the decline in China's foreign currency reserves to the combined effects of currency translation and changes in asset prices

The foreign currency reserves fell by US$5.7 billion at the end of February, or 0.18 percent month-on-month, said Wang Chunying, spokesperson for the State Administration of Foreign Exchange.

China's foreign exchange market functioned smoothly with market expectations remaining stable, she said.

ALSO READ: IMF: China's external position in line with fundamentals

In global financial markets, the dollar index, which measures the greenback against six major peers, rose, while the financial asset prices of major countries fell, due to the progress in the development of COVID-19 vaccines and major countries' fiscal policies and inflation expectations, she said.

She attributed the decline in China's foreign currency reserves to the combined effects of currency translation and changes in asset prices.

READ MORE: China's forex market faces new challenges

Wang, however, expected the scale of China's foreign currency reserves to remain generally stable, despite uncertainties in global financial markets amid virus-induced risks.


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