China News Service, Beijing, December 12 (Reporter Xia Bin) According to data released by the State Administration of Foreign Exchange of China on the 7th, as of the end of November 7, China's foreign exchange reserves were US$2023,11.31718 billion, an increase of US$10.706 billion, or 2.28%, from the end of October. In addition, China's gold reserves are 7158.23789 million ounces; In SDR (Special Drawing Rights) terms, China's foreign exchange reserves are 41,<>.<> billion SDRs.
According to the State Administration of Foreign Exchange, in November 2023, affected by macroeconomic data of major economies, monetary policy expectations and other factors, the US dollar index fell, and global financial asset prices generally rose. Factors such as exchange rate translation and changes in asset prices combined to increase the scale of foreign exchange reserves in the month.
Wen Bin, chief economist of Minsheng Bank, pointed out that in November, on the currency side, the US dollar exchange rate index (DXY) fell 11.3% to 0.103, and non-US dollar currencies appreciated overall. In assets, the dollar-denominated Barclays Global Aggregate Total Return Index USD Hedged rose 5.3%; The S&P 4 stock index rose 500.8%. As a result, China's foreign exchange reserves increased in the month.
He also mentioned that with the continuous implementation of a series of support policies since the third quarter, the endogenous momentum of China's economy has strengthened, the export situation has improved, the IMF (International Monetary Fund) raised China's GDP growth forecast for this year and next year in November, and the net purchase and increase of bond holdings by foreign institutions has shown a significant increase trend month by month, indicating that foreign capital has increased confidence in China's economic growth.
The State Administration of Foreign Exchange believes that China's economy continues to rebound, with strong economic resilience, full potential, wide room for maneuver, and long-term positive fundamentals have not changed, and will continue to support the scale of foreign exchange reserves to remain basically stable. (ENDS)