Data from China’s State Administration of Foreign Exchange (SAFE) showed that by the end of June, China’s foreign exchange reserves have reached US$3.1 trillion, the highest point since May 2018 and 0.6 percent more than in May.
Wang Chunying, SAFE spokeswoman and chief economist, attributed the increase to the fall in the US dollar index and the rise in asset values in international finance markets. She told media that despite increasing uncertainties in the international community, China’s stable economy has supported the smooth flow of cross-border capital. Experts believe that China’s economic status still plays a decisive role in China’s balance of international payments.
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