China's forex reserves hit 14-month high

2023-05-08 Editor : Li Yan ECNS App Download

A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. (Photo/China Daily)

China's foreign exchange reserves hit a 14-month high, reaching $3.2048 trillion by the end of April as the U.S. dollar weakened and global financial markets rebounded, the State Administration of Foreign Exchange said on Sunday.

This amount has marked the highest level for China since February 2022, when the reading came in at $3.2138 trillion, and was up by $20.9 billion or 0.66 percent compared with the end of March, according to the administration.

SAFE data also showed that China's gold reserves rose to 66.76 million ounces at the end of April, up from 66.5 million ounces a month earlier.

The increase marked the first time the country's gold reserves have risen for six consecutive months since 2019, data compiled by market tracker Wind Info shows.


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