Bank employee counting currency in north China’s Shanxi Province, March 13, 2020. /CFP
Bank employee counting currency in north China’s Shanxi Province, March 13, 2020. /CFP
China’s foreign exchange reserves dipped slightly in April, the country’s forex regulator announced on Tuesday, amidst fluctuations in international financial markets and currency exchange rates.
Data from the State Administration of Foreign Exchange (SAFE) revealed that the reserves fell to $3.2008 trillion by the end of April, marking a $44.8 billion decline from the previous month, representing a 1.38 percent decrease.
The strengthening of the U.S. dollar index and subsequent global financial asset price declines contributed to the downward trend, according to SAFE.
Despite the decrease, the regulator highlighted China’s robust economic foundation, characterized by resilience and diversified strengths, suggesting potential for maintaining relative stability in its foreign exchange reserves amid evolving market conditions.