The scale of our country's foreign exchange reserves has rebounded for four consecutive months, reaching 3.1845 trillion US dollars at the end of January

Statistics released by the State Administration of Foreign Exchange on the 7th show that as of the end of January this year, the scale of our country's foreign exchange reserves was 3.1845 trillion US dollars, an increase of 56.80 billion US dollars from the end of 2022, an increase of 1.82%. So far, the scale of our country's foreign exchange reserves has rebounded for 4 consecutive months.

Regarding the reasons for the change in the scale of foreign exchange reserves, Wen Bin, chief economist of China Minsheng Bank, said that in January, the US dollar index fell due to factors such as global macroeconomic data and monetary policy expectations of major economies, and global financial asset prices generally rose. In terms of currencies, the US dollar exchange rate index fell by 1.4% to 102.1, and non-US dollar currencies generally rose. In terms of assets, the US dollar-denominated hedged global bond index rose by 2.3%; the S & P 500 stock index rose by 6.2%. A combination of factors such as exchange rate translation and asset price changes, the scale of foreign exchange reserves rose in the month.

Looking forward to the market outlook, Wen Bin believes that the current external environment is complex and severe, the world economy is mired in stagflation and the risk of rising, and the international financial marekt is still facing greater volatility. However, our country's economy continues to recover, showing a recovery trend, and the endogenous power continues to increase. At the same time, the overall balance of payments is balanced.foreign exchange marketStable operation is conducive to maintaining basic stability in the scale of foreign exchange reserves.

Pang Ming, Chief Economist and Director of Research Department of JLL Greater China, believes that with the overall economic prosperity level of our country picking up significantly and the trend of bottoming out, the long-term improvement of economic development fundamentals and the quality and efficiency of policies are rising simultaneously, which is conducive to the steady rise of the RMB exchange rate, the continuous growth of cross-border capital inflows, the overall stable operation of the foreign exchange market, and the basic balance of domestic foreign exchange supply and demand, providing strong support for the overall stability of foreign exchange reserves.