This undated file photo shows a bank staff member counts US dollar banknotes at a bank in Tancheng county of Linyi city, east China's Shandong province. (PHOTO / XINHUA)

BEIJING — China's forex reserves totaled $3.2193 trillion at the end of January 2024, down by $18.7 billion or 0.58 percent, compared to the end of December 2023, according to data released on Wednesday by the State Administration of Foreign Exchange (SAFE).  

The SAFE said in a statement that the decrease in forex reserves in January was mainly the result of developments such as an increase in the US dollar index and mixed global financial asset prices.

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Chinese economic operation is generally stable thanks to factors including stable production and booming holiday consumption, which will provide support for the stability of the nation's foreign exchange reserves, said Wen Bin, chief economist at China Minsheng Bank.