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China's forex reserves expand in December

Updated: Jan 07,2022 20:44    Xinhua

BEIJING — China's foreign exchange reserves expanded in December as the US dollar weakened against other major currencies, driving up the value of the country's nondollar holdings, official data showed on Jan 7.

China's forex holdings amounted to $3.2502 trillion at the end of December, up $27.78 billion, or 0.86 percent, from a month earlier, according to data from the State Administration of Foreign Exchange (SAFE).

"The forex market has maintained stable operation, with active and orderly transactions," SAFE deputy head Wang Chunying said, commenting on the data.

Wang attributed the rise to factors including the COVID-19 pandemic and monetary policy expectations in major countries, which led to a weakening dollar and pushed up the value of China's nondollar assets.

Although there are still uncertainties in the global financial market, China's strong economic resilience and sound long-term fundamentals will help to keep the forex reserves basically stable, according to Wang.

The data also showed China's gold reserves came in at $113.1 billion by the end of last month.

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