China’s total foreign exchange reserves fell 1.5 percent, or $ 46 billion in March, driven by weakening the local currency and the need for foreign exchange and falling assets, as a result of the Coruna outbreak.
The Central Bank of China said on Tuesday that its total foreign exchange reserves fell to $ 3.061 trillion as of the end of March, down from $ 3.107 trillion in February 2020.
The central bank stated that the decline in reserves (the lowest level since October 2018) is mainly due to the decline in global assets and Chinese investments abroad, most notably bonds and other debt instruments.
Since last month, China has started to gradually recover from the Corona pandemic, after it was struck by the virus during the last third of January, until early March 2020.
And after China was at the forefront of the world in terms of the number of deaths and infections with the virus, it currently fell to sixth place, with a total of 81.7 thousand infections, of which 3,313 died, and 77.16 thousand are equivalent to recovery.