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- Index number:
- 000014453-2018-0103
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- Dispatch date:
- 2018-04-08
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- Publish organization:
- State Administration of Foreign Exchange
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- Exchange Reference number：
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- Name：
- SAFE Official Answers Media Questions on Foreign Exchange Reserves for March 2018
Q: The latest data on foreign exchange reserves disseminated by the People's Bank of China show that China's foreign exchange reserves as of the end of March 2018 rose by USD 8.3 billion month on month. Could you brief us on the causes of such change? What will be the future trends?
A: As at the end of March 2018, China posted USD 3.1428 trillion in foreign exchange reserves, up by USD 8.3 billion or 0.27% month on month.
In March, China's foreign exchange supply and demand in major channels found a basic equilibrium, indicating a balanced foreign exchange market. Due to the combined impact of the rising risk aversion in the global financial market, appreciation of major non-USD currency exchange rates against the US dollars and changes in asset prices, China's foreign exchange reserves recovered.
Since the beginning of the year, China's economic performance has sustained a strong momentum for growth while maintaining stability, with economic structure upgrading optimized and quality/benefits improving. The RMB exchange rate against the USD has fluctuated in two directions and maintained basic stability. The overall equilibrium in cross-border capital has been strengthened.
Going forward, as the global economy continues to recover, the domestic economic stability is consolidated with a strong momentum for growth, and the reform and opening up goes deeper, China's balance of payments will sustain a basic equilibrium and cross-border capital flows will stay stable. Meanwhile, as the global economic and political environments remain complex and changing, the financial market may continue to be uncertain. Under such circumstances, China's foreign exchange reserves are expected to remain stable.
