China 2023-06-15T05:53:44+03:00
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China's forex reserves expand in May

China's forex reserves expand in May

China, foreign exchange market, PRC, The forex market, Non-dollar currencies
China's forex holding. Photo by Xinhua.
China's forex holding. Photo by Xinhua.

China's foreign exchange reserves expanded in May as the U.S. dollar weakened against other major currencies, driving up the value of the country's non-dollar holdings, official data showed, The Xinhua News Agency reported.

China's forex holdings amounted to 3.2218 trillion U.S. dollars at the end of May, up 23.6 billion dollars, or 0.74 percent, from a month earlier, according to data from the People's Bank of China.

"The forex market has maintained stable operation, with generally rational and orderly transactions," deputy head of the State Administration of Foreign Exchange (SAFE) Wang Chunying said, commenting on the data.

Wang attributed the rise to the strengthening of major non-dollar currencies with the rollout of COVID-19 vaccines, pushing up the value of China's non-dollar assets.

Although there are still uncertainties in the global economic and financial situation, China's economy has sustained a stable recovery, which will help to keep the forex reserves basically stable, according to Wang.

Moving on from a strong economic rebound in the first quarter, China has urged cool heads over the impressive growth, putting more focus on deepening structural reform, setting the stage for a more sustained and balanced recovery in the long term.