China News Service, Beijing (Tao Siyue) Statistics released by China's State Administration of Foreign Exchange on the 7th showed that as of the end of April, China's foreign exchange reserves were US$3,410.5 billion, an increase of US$68.4 billion, or 2.05%, from the end of March.
In April, the financial market gradually became desensitized to the geopolitical situation, the US dollar index weakened again, and the RMB exchange rate continued to show strong resilience. China's foreign exchange reserve balance has resumed its upward trend. Guan Tao, global chief economist of BOC Securities, believes that this reflects the positive valuation effect brought about by exchange rate translation and asset price changes under the influence of major economies' monetary policies, macroeconomic data and other factors.
“The rebound in the size of foreign exchange reserves reflects the stability of China’s asset allocation amid fluctuations in the international financial market.” Pang Ming, a distinguished senior researcher at the National Finance and Development Laboratory, told a reporter from China News Service that the U.S. dollar index retreated from a high level in April, and the prices of major non-US dollar currencies and assets rose and valuations repaired, which brought a relatively obvious book value increase to the size of foreign exchange reserves.
The State Administration of Foreign Exchange of China stated that China continues to consolidate and expand the stable and positive economic trend, and its development resilience and vitality have been further demonstrated, which is conducive to maintaining the basic stability of the scale of foreign exchange reserves. (End)
