Forex reserves dip in August

China's foreign exchange reserves went down to $3.0549 trillion by the end of August due to a strong dollar and a fall in global financial markets, the State Administration of Foreign Exchange said on Wednesday.

The amount marked a decline of $49.2 billion or 1.58 percent compared with the end of July, SAFE said in a statement.

Wang Chunying, spokeswoman of SAFE, said the country's foreign exchange reserves dipped as global financial markets shed, while the dollar strengthened amid anticipations of policy adjustments by major central banks. A stronger dollar has made reserves denominated in other currencies less valued in the dollar term.

Despite a more complex external environment marked with heavier economic downward pressures and drastic market fluctuations, the Chinese economy has been performing in a reasonable range, conducive to keeping the amount of foreign exchange reserves stable, Wang said.