China's foreign exchange reserves climbed to an impressive $3.3164 trillion by the end of September, marking a $28.2 billion, or 0.86%, increase from August, according to the State Administration of Foreign Exchange (SAFE).
This growth comes amidst significant shifts in global monetary policies and economic landscapes. The decrease in the U.S. dollar index, coupled with a general rise in global financial asset prices, has played a pivotal role in bolstering China's reserves.
Wen Bin, chief economist at China Minsheng Bank, highlighted the continued improvement in China's export sector. He attributes this to the rising competitiveness of new trade formats such as cross-border e-commerce, market procurement, and overseas warehousing. \"These innovative trading methods, along with strengthening trade ties under the Belt and Road Initiative, have sustained high export growth and stabilized cross-border capital flows,\" Wen noted.
Moreover, a series of policy initiatives spanning currency, real estate, and capital markets have significantly boosted market confidence. This renewed optimism has attracted international investors to Chinese assets at an accelerated pace, providing robust support for the stability and growth of China's foreign exchange reserves.
Reference(s):
China's foreign exchange reserves rise to $3.316 tln in September
cgtn.com
