China's Foreign Exchange Reserves up 0.98% in August

Beijing, 8 Sep (ONA) —- China's foreign exchange reserves totaled USD3.2882 trillion as of the end of August, up by USD31.8 billion, or 0.98 percent compared to the end of July, official recent data showed.

China's foreign exchange reserves have remained stable above USD3.2 trillion for nine consecutive months, according to the State Administration of Foreign Exchange, Chinese News Agency (Xinhua) said.

The administration said in a statement that the US dollar index declined and global financial asset prices generally increased last month (August 2024) due to factors such as macroeconomic data and monetary policy expectations in major economies.

The administration added that the combined effects of currency and asset price changes led to the increase in China's foreign exchange reserves in August.

China's economic operation is generally stable and the long-term growth trend remains unchanged, which will help sustain the stability of the scale of foreign exchange reserves in the country, said the administration.

—- Ends/Khalid