China News Service, Beijing, August 7 (Reporter Xia Bin) The State Administration of Foreign Exchange of China announced on the 7th that as of the end of July 2022, China's foreign exchange reserves were 3,104.1 billion US dollars, an increase of 32.8 billion US dollars from the end of June, an increase of 1.07%.

In addition, China's gold reserves are 62.64 million ounces; in terms of SDR (special drawing rights), China's foreign exchange reserves are 2,345.175 billion SDR.

　　Wang Chunying, deputy director of the State Administration of Foreign Exchange and spokesperson, said that in July 2022, China's foreign exchange market will be generally stable, and domestic foreign exchange supply and demand will be basically balanced.

In the international financial market, under the influence of major countries' monetary policies, economic growth prospects and inflation expectations, the US dollar index rose, and the prices of major global financial assets rose in general.

Due to the combined effect of exchange rate conversion and asset price changes, the scale of foreign exchange reserves increased in the month.

　　Wen Bin, chief economist of China Minsheng Bank, pointed out that after excluding the exchange rate and asset price factors, it is estimated that the foreign exchange reserves due to the balance of payments increased slightly month-on-month, which indicates that China's foreign exchange market was generally stable in July, and domestic foreign exchange supply and demand remained basically balanced. , the current and financial items of the balance of payments are still in a state of "one smooth and one negative", and the surplus factor is slightly stronger than the deficit factor.

It is expected that China's import and export of goods trade will maintain a relatively high surplus in July, driving the current account to maintain a surplus.

Under the financial category, direct investment is expected to maintain a net inflow, while the net outflow of portfolio investment is expected to shrink.

　　Wen Bin also said that from the perspective of exchange rate performance, the RMB exchange rate remained stable overall in July. Considering the seasonal foreign exchange purchase factors such as overseas dividends, the actual performance was not weak, which was consistent with the increase in foreign exchange reserves.

　　Wang Chunying said that the current global economic situation is full of challenges, unstable and uncertain factors have increased significantly, and the international financial market is volatile.

However, China has effectively coordinated epidemic prevention and control and economic and social development. The economy is resilient, has great potential, and is full of vitality. The fundamentals of long-term improvement will not change, and it will continue to support the overall stability of the scale of foreign exchange reserves.

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