China’s foreign reserves dip 0.3% in June

China’s foreign exchange reserves reached $3.2224 trillion at the end of June 2024, a slight decrease of 0.3 per cent from May, according to official data released on Sunday by the State Administration of Foreign Exchange (SAFE).

The SAFE mentioned factors such as monetary policies, market expectations, and macroeconomic data led to a rise in the US dollar index and global financial asset prices in June.

The administration expressed confidence that China’s ongoing economic recovery and commitment to high-quality development will support the stability of the country’s foreign exchange reserves in the long term.

In a separate report, the People’s Bank of China confirmed that China’s gold reserves remained unchanged in June, holding steady at 72.8 million ounces, with an equivalent value of approximately 169.7 billion US dollars.

Attribution: Xinhua