(ECNS) -- China's foreign exchange reserves reached 3.101 trillion U.S. dollars at the end of May, up 0.2 percent from the end of April, according to Wang Chunying, spokesperson and chief economist at the State Administration of Foreign Exchange.
Wang said China's economy has been generally stable with good growth momentum since the beginning of the year.
Supply and demand in the forex market continued to be balanced, with cross-border capital flows through major channels staying at a stable level, Wang said.
There are still many uncertainties in the global economy and possibilities of more volatility in international financial markets, but China’s economy is increasingly resilient and has great potential, so it is better prepared for external shocks, according to Wang.
China's sound economic fundamentals will provide strong support for the smooth operation of the foreign exchange market and a solid foundation for the overall stability of foreign exchange reserves, Wang said.
