China’s FX reserves climb by 1.06% in July

China’s foreign exchange reserves rose by $34 billion in July to reach $3.2564 trillion, a 1.06 per cent increase from the previous month, as per data from the State Administration of Foreign Exchange (SAFE).

The rise in reserves was attributed to a decline in the US dollar index and an overall increase in global financial asset prices.

These positive developments were influenced by macroeconomic data, monetary policies, and market expectations in major economies.

The SAFE emphasised that China’s stable economic performance will continue to support the stability of its foreign exchange reserves.

Attribution: Xinhua