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Monday, February 11, 2019, 22:03
China's forex reserves continue to grow in January
By Xinhua
Monday, February 11, 2019, 22:03 By Xinhua

This Jan 6, 2017 photo illustration shows Chinese 100 yuan notes and one US dollar notes in Beijing. China’s foreign exchange reserves increased 0.5 percent from December 2018 to reach US$3.0879 trillion in January, data showed. (FRED DUFOUR / AFP

BEIJING – China's foreign exchange (forex) reserves rose to US$3.0879 trillion at the end of January, data showed Monday.

Despite the unstable and uncertain international environment, China's forex reserves largely remained stable. 

Wang Chunying, Spokesperson, State Administration of Foreign Exchange

The forex reserves increased US$15.2 billion, or 0.5 percent, from December 2018, according to data of the State Administration of Foreign Exchange (SAFE).

It is believed that factors including stronger non-dollar denominated currencies and price hikes of financial assets contributed to the rising reserves.

READ MORE: Forex reserves rise for second month in row

"Despite the unstable and uncertain international environment, China's forex reserves largely remained stable," Wang Chunying, SAFE spokesperson and chief economist, said citing China's stable economic development with progress, and the balance of international payments.

China's forex reserves are expected to remain stable amid fluctuations, given that the Chinese economy will continue its long-term, healthy development trend, said Wang.

ALSO READ: China forex regulator launches pilot project on trade facilitation

Continued advance of opening-up and balanced cross-border capital flows made possible as the result of the improved forex market mechanism will fend off external impact and market volatility, added the spokesperson.

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