Q: According to the latest foreign exchange reserves data disseminated by the State Administration of Foreign Exchange, China's foreign exchange reserves for August 2019 rose by USD 3.5 billion month-on-month. Could you brief us on the causes of the changes? What would you say about the future trends?

A: By the end of August 2019, China's foreign exchange reserves amounted to USD 3.1072 trillion, up by USD 3.5 billion or 0.1% month on month, and by USD 34.5 billion or 1.1% from the beginning of the year.

In the month, China's foreign exchange market was in a good order, with supply and demand reaching a basic equilibrium. Due to the impacts from global economic growth, trade situations and geopolitics, the US Dollar Index went up slightly and bond prices in major countries climbed. The foreign exchange reserves rose under the impact of a combination of factors, e.g., foreign exchange rate conversions and asset price changes.

In the year to date, in the face of complex and challenging external environment, China has witnessed stable economic growth, stronger steadiness and resilience, and constant optimization of the economic structure. Therefore, China posted stable balance of payments and steady increase in foreign exchange reserves.

Going forward, the world economy and global financial markets will face heightening risks and challenges. But with great leeway for growth, strong dynamics and vibrancy, China's economy will remain robust in the long run, and it will continue to advance the reform and opening up in all respects, which will lay a solid foundation for the stability of China's foreign exchange reserves.