China’s Foreign Exchange Reserves Hit USD3.322T in August
(MENAFN) China's foreign exchange reserves reached $3.3222 trillion by the close of August, marking an increase of $29.9 billion, or 0.91%, from the previous month, official data revealed on Sunday.
The State Administration of Foreign Exchange (SAFE) attributed this growth to a combination of currency translation effects and shifts in asset prices.
The agency noted that the U.S. dollar index had weakened in August, driven by market expectations surrounding monetary policies of key global economies and recent macroeconomic data. Additionally, global financial asset prices saw a general rise during the same period.
The administration emphasized that China's economy remains on a steady growth path, demonstrating significant resilience and vitality, which in turn ensures the continued stability of the nation’s foreign exchange reserves.
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