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China’s foreign exchange reserves decline by 2.1% in 2018

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China’s foreign exchange reserves decline by 2.1% in 2018

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According to the State Administration of Foreign Exchange (SAFE) of the People's Republic of China, the volume of country’s foreign exchange reserves for 2018 declined at an annualized rate of 2.1 percent to $3.07 trillion.

In December 2018, the volume of reserves increased by 0.4 percent to $11 billion, and a month earlier, the indicator unexpectedly rose by 0.3 percent to $8.6 billion amid the appreciation of the national currency.

According to spokesperson at SAFE Wang Chunying, foreign exchange reserves declined slightly but generally remained at the same level. The official noted that the current rate of the yuan and the Chinese economy showed stability last year.

The strengthening of the US dollar and an escalating trade dispute between Washington and Beijing weigh on the Chinese currency in 2019. Experts note the negative impact due to a slowdown in economic growth in the country. The State Administration of Foreign Exchange believes that the growth of reserves was promoted by fluctuations in the exchange rate and changes in asset prices. The regulator expects foreign exchange reserves to remain stable, despite the ups and downs of the market.

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