According to the statistics released by the State Administration of Foreign Exchange on the 7th, as of the end of January this year, the scale of China's foreign exchange reserves was $3184.5 billion, an increase of $56.8 billion or 1.82% from the end of 2022. So far, the scale of China's foreign exchange reserves has risen for four consecutive months. As for 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 and the global financial asset prices generally rose due to the impact of global macroeconomic data, monetary policy expectations of major economies and other factors. In terms of currency, the US dollar exchange rate index fell 1.4% to 102.1, while non-US dollar currencies generally rose. In terms of assets, the hedged global bond index in USD rose 2.3%; The S&P 500 stock index rose 6.2%. The scale of foreign exchange reserves rose in the current month due to the combined effects of exchange rate translation and asset price changes. Looking ahead, Wen Bin believes that the current external environment is complex and severe, the risk of stagflation of the world economy is rising, and the international financial market is still facing greater volatility. However, China's economy has continued to recover, showing a rebound trend, and the endogenous power has been continuously strengthened. At the same time, the overall balance of international payments and the stable operation of the foreign exchange market are conducive to maintaining the basic stability of the scale of foreign exchange reserves. Pang Ming, chief economist and director of research department of Jones Lang LaSalle in Greater China, believes that as the overall economic prosperity level of China has significantly warmed up and the trend of bottoming out is gradually emerging, the long-term improvement of economic development fundamentals and the quality and efficiency of policies are both conducive to the stable 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, To provide strong support for the overall stability of the scale of foreign exchange reserves. (Xinhua News Agency)