Chinese foreign exchange reserves grow in December due to the weakness of the dollar

China’s foreign reserves rose in December on the dollar’s weakness against other major currencies, official data showed.

The country’s foreign exchange reserves amounted to 3.128 trillion dollars in December, 0.33% more than the previous month, reported the State Administration of Foreign Exchange.

The forex regulator attributed China’s rising foreign reserves to changes in monetary policy in other major economies and global macroeconomic conditions, which caused the dollar to fall against other major currencies and lifted the value of Chinese assets. not denominated in dollars.

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The data also showed that the value of China’s gold reserves rose from $111.65 billion in November to $117.24 billion at the end of December.

The country’s foreign exchange reserves amounted to 3.128 trillion dollars in December, 0.33% more than the previous month, the State Administration of Foreign Exchange reported.

The conference held by the regulator on January 4 laid out the key tasks for currency control in the coming year.

The regulator pledged to improve the operation and management of foreign exchange reserves through various measures, such as promoting specialized investment, scientific and technological operations, and market-oriented institutional governance. These efforts are intended to ensure the safety, flow, preservation, and appreciation of China’s foreign exchange reserve assets.

Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article: https://news.cgtn.com/news/2023-01-07/China-s-forex-reserves-expand-in-December-on-weaker-dollar-1goCFpGnefu/index.html