China's forex reserves down in May-Xinhua

China's forex reserves down in May

Source: Xinhua

Editor: huaxia

2023-06-07 19:57:45

BEIJING, June 7 (Xinhua) -- China's foreign exchange reserves came in at 3.1765 trillion U.S. dollars at the end of May, down 0.88 percent from a month earlier, according to the State Administration of Foreign Exchange on Wednesday.

The foreign exchange regulator attributed the decrease in foreign exchange reserves to the combined impact of currency translation and asset price changes.

Affected by the fiscal and monetary policy expectations of major economies, as well as global macroeconomic data, the U.S. dollar index rose and prices of global financial assets fluctuated last month, the regulator said.

It noted that China's foreign exchange reserves are expected to remain generally stable as China's economy continues to recover.