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China’s foreign exchange reserves climbed to $3.3164 trillion at the end of September, a $28.2-billion increase, or 0.86-percent increase, compared to the end of August, according to data released by the State Administration of Foreign Exchange (SAFE) on Monday.
This growth is influenced by shifts in monetary policies across major economies and macroeconomic data, which led to a decrease in the U.S. dollar index and a general rise in global financial asset prices, the administration said in a statement.
China’s export sector sees continued improvement, driven by rising competitiveness of new trade formats such as cross-border e-commerce, market procurement, and overseas warehousing, Wen Bin, chief economist at China Minsheng Bank, told CGTN.
“These innovative trading methods, along with strengthening trade ties under the Belt and Road Initiative, have sustained high export growth and stabilized cross-border capital flows,” Wen noted.
He further emphasized that the slew of policy initiatives in currency, real estate, and capital markets has markedly enhanced market confidence. This upswing in sentiment has attracted international investors to Chinese assets at an accelerated pace, providing strong support for the stability of China’s foreign exchange reserves.
(Cover via CFP)
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