China’s forex reserves edge down in October

BEIJING — China’s foreign exchange reserves stood at $3.053 trillion in October, down $33.9 billion from a month earlier, according to data from the People’s Bank of China on Nov 7.

Wang Chunying, spokesperson of the State Administration of Foreign Exchange, attributed the decline to a number of factors including exchange rate conversion and changing asset prices.

This October saw more fluctuations in the global financial market, an increase of more than 2 percent in the US dollar index and changes in major countries’ asset prices, Wang said.

China’s cross-border capital flows and international balances of payments remained stable overall throughout the month, Wang said.

Despite the intricate international situation and growing uncertainty in the global market, the Chinese economy has maintained its stability and operated within a reasonable range so far this year, he said.

China’s foreign exchange reserves are expected to remain stable during market fluctuations, Wang said, citing sufficient conditions that facilitate cross-border capital flows, such as great resilience and flexibility of the economy, economic transformation and upgrading and the country’s further opening-up.