Economic Indicators

China FX reserves rise to highest level since 2015 in August

09/06/2024

Less than a minute

2024.09.06 22:32

BEIJING/SHANGHAI (Reuters) – China’s foreign exchange reserves rose to the highest level in more than 8-1/2 years in August, official data showed on Saturday, thanks largely to a broadly weaker U.S. dollar.

The country’s foreign exchange reserves – the world’slargest – grew by $31.8 billion to $3.288 trillion lastmonth, booking the second straight monthly expansion and hitting the highest since December 2015.

© Reuters. FILE PHOTO: U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

But it slightly missed a $3.289 trillion forecast in a Reuters poll of analysts.

The yuan gained 1.9% against the dollar inAugust, while the dollar last month weakened 2.2% against a basket of other major currencies.

09/06/2024

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