China’s foreign exchange reserves decreased by USD 9.7 billion in June compared to the previous month, primarily influenced by a stronger US dollar and fluctuations in asset prices, according to the latest report from the State Administration for Foreign Exchange (SAFE).
As of the end of June, China’s foreign exchange reserves stood at USD 3.2 trillion, marking a 0.3 percent decline from May. SAFE attributed this decrease to the appreciation of the US Dollar Index and overall upward movement in global financial asset prices, driven by monetary policy actions and economic data from major economies.
Despite these fluctuations, SAFE emphasized that China’s economy has maintained its recovery momentum and is progressing steadily towards high-quality development, which has contributed to the fundamental stability of the country’s foreign exchange reserves.
Meanwhile, the People’s Bank of China has refrained from increasing its gold reserves since April, following eighteen consecutive months of accumulation. China’s gold reserves remained unchanged at 72.8 million ounces at the end of June, the same level as in April and May.
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