People's Daily Online, Beijing, August 7 (Reporter Du Yanfei) The State Administration of Foreign Exchange announced today the data on the scale of foreign exchange reserves in July 2020. According to data, as of the end of July 2020, my country's foreign exchange reserves amounted to US$3,154.4 billion, an increase of US$42.1 billion or 1.4% from the end of June.
In response, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said that in July, my country's foreign exchange market was operating smoothly and foreign exchange supply and demand were basically balanced. Major economies such as the United States and Europe have increased fiscal stimulus and maintained ultra-loose monetary policies. Non-US dollar currencies have generally strengthened relative to the US dollar in the international financial market, and asset prices in major countries have generally risen. The combined effect of factors such as exchange rate conversion and asset price changes led to an increase in the scale of foreign exchange reserves that month.
Wang Chunying said that, at present, my country has achieved significant results in the overall planning of epidemic prevention and control and economic and social development, but the international economic and financial situation is still complex and severe, with greater uncertainty and instability. Looking ahead, my country has entered a stage of high-quality development, with strong economic resilience, and the formation of a new development pattern with domestic and international dual cycles as the mainstay and mutual promotion of the domestic and international dual cycles will continue to provide support for the overall stability of foreign exchange reserves.