China News Service, Beijing, April 7 (Reporter Xia Bin) Data released by China's State Administration of Foreign Exchange on the 7th showed that as of the end of March 2024, China's foreign exchange reserves were US$3.2457 billion, an increase of US$19.8 billion from the end of February. 0.62%. In addition, China's gold reserves are 72.74 million ounces; in terms of SDR (Special Drawing Rights), China's foreign exchange reserves are 2,451.312 billion SDR.
Guan Tao, global chief economist of BOC Securities, said that in the first quarter of this year, on the one hand, affected by the revaluation of the Federal Reserve's tightening expectations, the U.S. dollar index rose 3.1% to 104.5, and the 2-year and 10-year U.S. bond yields rose by 35 and 32 respectively. basis points, on the other hand, risk asset prices continued to rise, such as the S&P 500 Index rising 10.2%. The positive valuation effect brought about by the larger increase in stock prices has exceeded the negative valuation effect caused by the appreciation of the US dollar and the fall in bond prices. The scale of China's foreign exchange reserves has remained basically stable.
Judging from the data on foreign exchange settlement and sales by banks and foreign receipts and payments on behalf of customers, Guan Tao said that in the first quarter of this year, the rebound of the RMB exchange rate was blocked and the market continued to consolidate at a low level. However, domestic market entities generally settled foreign exchange at high prices, and domestic foreign exchange supply and demand were basically balanced. Foreign stocks and bonds Net investment inflows resumed, and cross-border capital flows improved marginally.
"This is mainly due to the improvement of domestic private currency mismatch, the normalization of two-way fluctuations in the RMB exchange rate, and the fact that domestic market entities are more using foreign exchange derivatives and local currency pricing and settlement to hedge and avoid exchange rate risks, making foreign exchange market entities more rational." Guan Tao said.
The State Administration of Foreign Exchange believes that China's economic recovery has continued to consolidate and strengthen, and its long-term positive fundamentals will not change, which will provide support for the basic stability of the scale of foreign exchange reserves. (over)