China's forex reserves rise as dollar weakens

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

China's foreign exchange reserves increased for the second consecutive month to $3.2043 trillion by the end of July, the second-highest level so far this year, as the U.S. dollar weakened while global financial markets rose, the State Administration of Foreign Exchange said on Monday.

The amount marked an increase of $11.3 billion or 0.35 percent compared with the end of June, SAFE said in a statement.

Meanwhile, China's gold reserves rose to 68.69 million ounces at the end of July, up from 67.95 million ounces a month earlier, marking the ninth consecutive month of rise, according to SAFE.

The administration added that China's solid long-term economic fundamentals will help the country's foreign exchange reserves remain generally stable going forward.


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