It was noted that the increase in foreign exchange reserves in August was due to the combined effect of currency translation and changes in asset prices.
China’s foreign exchange reserves as of August 2024 increased by 0.98% to $3.288 trillion. against the figure of 3.256 trillion last month. This was reported by the press service of the State Administration of Foreign Exchange Control of China on Monday, September 9.
The country’s foreign exchange reserves have remained at 3.2 trillion or higher for nine consecutive months, the department reported.
In August, they reached their highest level in 8.5 years (since December 2015), reports Trading Economics.
Gold reserves in China at the end of last month reached 72.8 million ounces. The volume of precious metal reserves has remained at this level since April.
While in terms of value, gold reserves rose to $182.98 billion. from 176.64 billion dollars. at the end of July due to rising precious metal prices to record levels.
It was noted that the increase in foreign exchange reserves in August was due to the combined effect of currency translation and changes in asset prices.
As stressed by Wen Bin, chief economist at China Minsheng Bank, China’s economy continues to maintain a trend of stable performance and improvement, which ensures a stable amount of the country’s foreign exchange reserves.
We remind you that we previously reported that China’s economy has slowed down and that it trades less with the Russian Federation.
Meanwhile, Europe seeks to reduce its economic dependence on China.
Source: korrespondent
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