China’s FX reserves rose for 2n straight month, gold reserves rose for 9th consecutive months
DATA FOREX
China’s FX reserves rose for 2n straight month, gold reserves rose for 9th consecutive months
DATA FOREX

China’s FX reserves rose for 2n straight month, gold reserves rose for 9th consecutive months

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s foreign exchange reserves rose for the second straight month in July, boosted by higher asset prices, according to data released by the People’s Bank of China (PBOC) on Monday.

Foreign exchange reserves reached $3.204 trillion at the end of July, according to the data, increasing from the $3.19 trillion in the previous month and compared to the $3.2 trillion expected by analysts in a Reuters poll.

Prices of global financial assets generally rose in July, which boosted the reserves, and the falling US dollar lifted prices of non-dollar assets, said the State Administration of Foreign Exchange after the data release.

China’s economy has great resilience and potential for development, and the long-term sound fundamentals have not changed, which is conducive to the basic stability of the reserves, the SAFE said.

China’s gold reserves stood at 68.69 million ounces at the end of July, according to the data, increasing by 740,000 ounces from the 67.95 million ounces in the previous month, rising for the 9th consecutive month.