2023-10-07 12:12:27
Official data showed on Saturday that China’s foreign exchange reserves fell more than expected in September, with the US dollar rising once morest other major currencies.
China’s reserves – the largest in the world – fell by $45 billion to $3.115 trillion last month, recording the lowest level since October 2022, a decrease of 1.4 percent, compared to $3.16 trillion in August.
Economists polled by Archyde.com had expected China’s reserves to reach $3.13 trillion.
The Chinese State Administration of Foreign Exchange added that China’s economic recovery and strong development progress will help the country’s foreign exchange reserves remain generally stable in the future.
The yuan fell 0.5 percent once morest the dollar in September, while the dollar rose 0.2 percent once morest a basket of other major currencies during the month.
Meanwhile, China’s official gold reserves reached 70.46 million ounces at the end of September, up from 69.62 million ounces the previous month, marking an increase for the 11th consecutive month, according to the data.
The value of China’s gold reserves fell to $131.79 billion at the end of September from $135.22 billion at the end of August.
Data compiled by market tracking company Wind Info showed that from November 2022 to September 2023, China added 7.82 million ounces of gold reserves, raising the country’s official gold reserves to a new record high.
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