China’s forex reserves rose by 1.65 in Mar amid dollar weakness

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China’s foreign exchange reserves stood at $3.1839 trillion at the end of March, representing an increase of $50.7 billion or 1.62% from the previous month, according to data released by the State Administration of Foreign Exchanges (SAFE) on Friday.

The US Dollar Index, a measure of the greenback’s value relative to the majority of its most significant trading partners, declined in March due to factors such as adjustments in monetary policies and market expectations in major economies, leading to rises in global financial asset prices, sending China’s foreign exchange reserves higher, the SAFE said.

China’s official gold reserve stood at 66.5 million ounces at the end of March, equivalent to $131.65 billion, an increase of about 580,000 ounce from a year earlier, rising for the fifth consecutive month according to the SAFE.