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China’s foreign currency reserves down $44.8 bln in April

The decrease was due to fluctuation of key macroeconomic indicators of the global economy and an increase in the dollar exchange rate, considering expectations related to monetary policy of leading countries

BEIJING, May 7. /TASS/. National foreign currency reserves of the People's Bank of China (the central bank) went down by $44.8 bln in April compared with March, the State Administration of Foreign Exchange of the People’s Republic of China reported.

Foreign currency reserves in the country lost 1.38% in the reporting period to $3.2008 trillion, the report said. The decrease was due to fluctuation of key macroeconomic indicators of the global economy and an increase in the dollar exchange rate, considering expectations related to monetary policy of leading countries.

Moreover, falling prices on international financial assets also had its influence, according to the report. "The Chinese economy has a stable basis and boasts many advantages, it is distinguished by resilience and a huge potential, which facilitates maintenance of stable foreign currency reserves," the report noted.

According to official figures, foreign currency reserves of the People's Bank of China fell by 2.9% to $3.1277 trillion in 2022, while in 2023 they went up by around 1.7% to $3.238 trillion.

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