China’s foreign exchange reserves jump to $3.104 trillion – SAFE

China’s foreign exchange reserves unexpectedly increased about $3.104 trillion in July, up by 1.07 percent over June, the State Administration of Foreign Exchange (SAFE) announced on Sunday.

The data showed that china’s foreign exchange reserves rose $32.8 billion to $3.104 trillion last month, compared with $3.05 trillion expected from Reuters poll of analysts.

The change of global exchange rates and assets prices has helped the country’s foreign exchange reserves to grow, SAFE’s deputy head Wang Chunying said.

Chunying suggested that China’s foreign exchange market stick about stable as domestic supply and demand keep in balance.

The index of the US dollar and the price of major financial assets rise due to the monetary policy change in major economies, such as in the US that forced to raise interest rates to curb the inflation.

The yuan fell 0.64 percent against the dollar in July, while the dollar rose 1.07 percent against other major currencies.

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