China reports $3.22 trillion in foreign exchange reserves

In Business
July 07, 2024


China’s foreign exchange reserves stood at 3.2224 trillion U.S. dollars at the end of June 2024, official data showed Sunday.

The amount shrank by 0.3 percent compared with the previous month, the State Administration of Foreign Exchange (SAFE) said, attributing the decrease to the combined impact of currency translation and asset price changes.

Affected by various factors such as major economies’ monetary policies, market expectations and macroeconomic data, the US dollar index and global financial asset prices climbed in June, the SAFE explained.

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The Chinese economy has sustained its recovery momentum and continued its high-quality development, which is conducive to maintaining the stable scale of the country’s foreign exchange reserves, the regulator said.

According to data released Sunday by the People’s Bank of China, the country’s gold reserves remained unchanged in June at 72.8 million ounces, equivalent to about 169.7 billion US dollars.

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