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Felicia Tan
in
Stocks
June 8 19:04

China's gold reserves reached to $3.1 trillion in May

In May, the situation in the forex market was stable.
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China's gold reserves amounted to US$3.1 trillion in May, which is US$10.2 billion more than the previous month As of the end of May 2020, China's gold reserves amounted to US$3 trillion 101 billion 700 million, the State Monetary Control Administration of China reported on Sunday. This is 0.3% or US$10.2 billion more than at the end of April, the agency said.

In May, the situation in the forex market was stable, while the demand and supply of foreign currency were largely balanced, noted the department. The combined role of such factors as exchange rates and fluctuations in asset prices led to a slight increase in foreign exchange reserves this month, the agency said.
State Administration Wang Chungyin said the current global economic situation remains difficult because of the coronavirus pandemic, geopolitical risks are increasing, and instability in international financial markets is growing. At the same time, in China the work to prevent and combat the epidemic is yielding positive results, and economic activity is gradually normalizing. According to him, many of the main instruments of the country's financial policy will not change in the future, "China will continue to maintain a generally stable volume of gold reserves".