As of the end of August, China’s foreign exchange reserves reached $3.2882 trillion, reflecting an increase of $31.8 billion, or 0.98 percent, compared to the end of July, according to recent official data.
The State Administration of Foreign Exchange, as reported by Xinhua News Agency, noted that China’s reserves have consistently remained above $3.2 trillion for nine months in a row.
In its statement, the administration highlighted that the U.S. dollar index fell, and overall global financial asset prices rose last month, influenced by macroeconomic data and expectations regarding monetary policy in major economies.
Additionally, the administration pointed out that the increase in China’s foreign exchange reserves in August resulted from a combination of currency translation effects and changes in asset prices.
The administration also stated that China’s economic performance is generally stable, with a sustained long-term growth trend, which is expected to support the stability of the country’s foreign exchange reserves.
Profits among China’s major industrial companies increased by 3.6 percent year-on-year during the first seven months of the year, as reported lately by the National Bureau of Statistics. This growth rate improved slightly from the 3.5 percent recorded in the June-January period.
China’s international trade in goods and services reached around 4.24 trillion yuan in July 2024, reflecting a 12 percent increase compared to the previous year, according to official data released last week.
For more economy news, click here.
