China’s forex reserves fall by USD 31.5 bn in Sept

BEIJING: China’s foreign exchange reserves, the largest in the world, fell to USD 3.2006 trillion at the end of September, down USD 31.5 billion from a month earlier, according to official data released on Thursday.
The volume went down 0.97 per cent from the end of August, the State Administration of Foreign Exchange (SAFE) said.
SAFE deputy director and spokesperson Wang Chunying attributed the September decline in foreign exchange reserves to the combined impact of currency translation and changes in asset prices.
Affected by factors such as the resurgence of the COVID-19 pandemic and expectations for major countries’ monetary policies, the dollar index increased, Wang said, adding that weakened non-dollar currencies and the change of asset prices led to the fall of China’s foreign exchange reserves, the state-run Xinhua news agency reported.

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