China reserves fell in September 2022

The State Administration of Foreign Exchange (SAFE) determined that China took its finances to 3,092 billion dollars

It is estimated that China’s reserves had a decrease of 0.85% in the period September 2021 and September 2022, standing at 3,092 billion dollars as reported by the State Administration of Foreign Exchange (SAFE).

The reduction, compared to the month of August, was about 25.9 billion dollars, the institution said in a statement published on its website.

Wang Chunying, deputy director general of SAFE, said the main reason for the drop is “the combined effect of factors such as exchange rate conversion and changes in asset prices.”

In September, China’s foreign exchange supply and demand and cross-border capital flows remained “balanced,” Wang said.

However, the spokeswoman pointed to the “resilience, potential and ample room for manoeuvre” of the Chinese economy and expressed confidence that the levels of national foreign exchange reserves will remain stable.

K. Tovar

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Source: BancayNegocios

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