Business & Economy

China’s foreign exchange reserves decline

China’s foreign exchange reserves reached 3.1197 trillion dollars as of the end of April, down 68.3 billion dollars from March.
“China continued to record net capital inflows from abroad last April, and supply and demand in the domestic foreign exchange market has maintained its balance,” said Wang Chunying, deputy head of the Monetary Administration.
He added, “The reason for the decline in foreign exchange reserves is due to the combined effect of the rise in the dollar index and the sharp decline in the prices of financial assets worldwide, due to factors including Corona, geopolitical conditions and monetary policy expectations in major economies.”

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