Beijing, China–China’s foreign exchange reserves rose to US$3.1277 trillion at the end of December 2022, up 0.33 percent from a month earlier, data from the State Administration of Foreign Exchange showed Saturday.
The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined impact of currency translation and asset price changes.
Also read: China economy grows 4.8% in first quarter as virus bites
Affected by the monetary policy and expectations of major economies, and global macroeconomic data, the U.S. dollar index fell, and the prices of global financial assets declined last month, the regulator said.
It added that China’s foreign exchange reserves are expected to stay generally stable as the Chinese economy enjoys strong resilience, tremendous potential, and great vitality, and the fundamentals sustaining its long-term growth have remained strong.
In November, Chinese news agency, Xinhua reported that China will roll out a slew of measures to sustain the recovery momentum of its industrial economy.
Also read: China fiscal deficit balloons to nearly $1trn as economy cools
Beijing, according to the agency report, will adopt industry, region and enterprise-specific measures to secure the sound development of key industries, boost coordinated regional development, and inject vitality into industrial enterprises, per the document jointly issued by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State-owned Assets Supervision and Administration Commission of the State Council.
Efforts will be made to tackle key issues facing the industrial economy, including tapping into market potential to grow consumer demand, stabilizing exports of industrial products, improving the resilience and security of industrial and supply chains, and fostering new growth drivers, the circular said.