 Foreign exchange Photo:Xinhua
China's foreign exchange reserves remained stable above $3.2 trillion from January to July, according to statistics released on Wednesday by the State Administration of Foreign Exchange (SAFE), indicating China's overall economic performance remained stable.
As of the end of July, China's foreign exchange reserves reached $3.25 trillion, up $34 billion, or 1.06 percent, from the end of June.
The SAFE said factors such as exchange rate conversions and asset price changes in July influenced foreign exchange reserves increase.
China's overall economic performance remained stable with steady progress, continuing a trend of recovery, which is beneficial for maintaining the basic stability of foreign exchange reserves, according to the administration.
In terms of gold reserves, data released on Wednesday by the People's Bank of China, the country's central bank, showed that as of the end of July, gold reserves stood at 72.8 million ounces, same as the end of April, May or June, indicating the fundamental stability of China's foreign trade situation.
The country's foreign exchange reserves are steadily growing, demonstrating enhanced management capabilities that effectively safeguard the security, liquidity and value appreciation of these reserves, Li Chang'an, a professor at the Academy of China Open Economy Studies of the Beijing-based University of International Business and Economics, told the Global Times on Wednesday.
Li said that, with the trade surplus and settlement trends favoring exports over imports, the country's foreign exchange reserves would remain stable, thereby reinforcing trade stability.
SAFE pledged to continue to strengthen the management of China's foreign exchange reserves, ensuring the security, liquidity and value appreciation of these assets.
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