By the end of November, the scale of foreign reserves increased by 22.9bn

On December 7, the State Administration of Foreign Exchange released the latest data on the scale of foreign exchange reserves. By the end of November 2019, China's foreign exchange reserves had reached 3095.6 billion US dollars, an increase of 22.9 billion US dollars or 0.7% over the beginning of the year. Wang Chunying, spokesman and chief economist of the State Administration of foreign exchange, said that in November, the supply and demand of China's foreign exchange market remained basically balanced and the market was expected to be generally stable. Influenced by global economic growth, monetary policy expectations, trade situation and other factors, the US dollar index rose slightly, while bond prices of major countries fell. Valuation factors such as exchange rate translation and asset price change are the main reasons for the change of the scale of foreign exchange reserves in the current month. Wang Chunying pointed out that since this year, China's economy has continued to maintain an overall stable, steady and progressive development trend, with the main indicators operating within a reasonable range, effectively coping with the complex situation of significantly increased international risk challenges. With this support, China's balance of payments is basically balanced and the scale of foreign exchange reserves is generally stable. Wang Chunying stressed that at present, global economic growth is slowing down and there are still many external uncertainties. However, China's economic development has huge resilience, potential and room for maneuver. The long-term trend of economic development will not change. We will adhere to the new development concept, promote high-quality economic development, and continue to promote a higher level of opening up. This is conducive to the stable operation of China's foreign exchange market and will also provide support for the overall stability of the scale of foreign exchange reserves.