China’s foreign exchange reserves, the world’s largest, increased by $29.9 billion (0.9%) in August compared to the previous month and amounted to $3.322 trillion, the People’s Bank of China said in a statement. That’s the most since December 2015.
The yuan appreciated 0.9% against the U.S. currency last month. Meanwhile, the U.S. dollar fell 2.2% against a basket of major world currencies.
Gold reserves stood at 74.02 million ounces at the end of August, up from 73.96 million ounces a month earlier. The Chinese Central Bank bought precious metal for the tenth month in a row. In value terms, gold reserves reached $253.84 billion against $243.99 billion at the end of July.
The Chinese economy continues to maintain stable growth, showing resilience and vitality, which helps to keep the country’s foreign exchange reserves at a stable level, said the State Administration of Foreign Exchange Control of the People’s Republic of China.
