China News Agency, Beijing, February 7th (Reporter Xia Bin) China's State Administration of Foreign Exchange released data on the 7th showing that by the end of January 2023, China's foreign exchange reserves were US$3,184.5 billion, an increase of US$56.8 billion from the end of 2022, an increase of 1.82%.
In addition, as of the end of January 2023, China's gold reserves are 65.12 million ounces; in terms of SDR (special drawing rights), China's foreign exchange reserves are 2361.540 billion SDR.
Wen Bin, chief economist of China Minsheng Bank, said that in January 2023, affected by factors such as global macroeconomic data and monetary policy expectations of major economies, the U.S. dollar index fell, and global bond and stock prices generally rose.
Due to the combined effects of exchange rate conversion and asset price changes, the scale of China's foreign exchange reserves has increased.
He bluntly said that the current external environment is complex and severe, the risk of stagflation in the world economy is rising, and the international financial market is still facing greater volatility.
However, China's economy continues to show a steady recovery trend, and the endogenous driving force continues to increase. At the same time, the overall balance of payments is balanced, and the foreign exchange market is operating smoothly, which is conducive to maintaining the basic stability of the scale of foreign exchange reserves.
Pang Ming, chief economist and research director of Jones Lang LaSalle Greater China, also pointed out that the scale of China's foreign exchange reserves has rebounded for four consecutive months.
China's overall economic prosperity has picked up sharply, and the bottoming trend is gradually emerging. The long-term improvement of the fundamentals of economic development and the improvement of the quality and efficiency of policies are conducive to the continuous growth of cross-border capital inflows, the overall stable operation of the foreign exchange market, and the domestic foreign exchange market. The basic balance between supply and demand provides strong support for the overall stability of foreign exchange reserves.