Chinese currency reserves fall to $ 3.09 trillion in November

Chinese currency reserves fell in November to 3,095 billion dollars (2.79 billion euros) compared to 3.10 billion dollars (2.803 billion euros) the previous month, said this Saturday the State Administration of Foreign Exchange (SAFE).

However, since the beginning of the year, reserves increased by 22.9 billion dollars (20.712 million euros) or 0.7 percent, according to SAFE.

Wang Chunying, a spokesman for the foreign exchange administration, said the amount of foreign currency reserves “is affected by multiple factors, including exchange rates and changes in the stock market.”

Wang noted that despite growing external uncertainties, the Chinese economy has maintained overall stability and stable growth since the beginning of the year and highlighted the overall stability of foreign exchange reserves.

He also said that the Chinese economy has “sufficient resilience, potential and room for maneuver, while its long-term positive trend remains unchanged.”