China’s foreign reserves edge up by $28b in Sep. ’24

China’s foreign exchange reserves increased by $28.2 billion to $3.316 trillion in September, surpassing market expectations.

The country’s foreign exchange reserves, the world’s largest, exceeded the median estimate of $3.304 trillion in a Reuters poll of analysts. In August, the reserves stood at $3.288 trillion.

The Chinese yuan strengthened approximately 1.1 per cent against the dollar during September. Meanwhile, the dollar weakened by around one per cent against a basket of other major currencies last month.

Attribution: Reuters

Subediting: M. S. Salama