Chinese foreign exchange reserves reach USD3.2564T last month

(MENAFN) As of the end of July, China's foreign exchange reserves totaled USD3.2564 trillion, representing an increase of USD34 billion, or 1.06 percent, compared to the end of June. This rise, reported by the State Administration of Foreign Exchange (SAFE), reflects a variety of economic factors and global financial trends. The SAFE noted that during the month of July, the U.S. dollar index declined, while prices of global financial assets generally increased. These movements were influenced by macroeconomic data, monetary policies, and expectations in major economies, which collectively impacted the valuation of China's reserves.

SAFE explained that the growth in foreign exchange reserves was driven by the combined effects of currency translation and changes in asset prices. This increase is indicative of China's robust management of its foreign exchange reserves, even as global economic conditions fluctuate. The statement from SAFE also emphasized that China's economic operations have remained generally stable, demonstrating steady progress. This stability is seen as a critical factor in sustaining the scale of the country's foreign exchange reserves.

Moreover, SAFE underscored that the ongoing stability and growth of China's economy will continue to support the maintenance of its foreign exchange reserves. This stability is essential for bolstering financial resilience and managing the complexities of international trade and finance. The growth in reserves not only highlights China's economic strength but also its ability to navigate and adapt to global economic shifts, ensuring a steady and reliable financial foundation.

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