By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. August 9, 2024. Article no 1157.
China’s foreign exchange reserves, the largest in the world, rose 1.1% to $3.256 trillion in July, up from $3.222 trillion a month earlier, reported the country’s State Administration of Foreign Exchange (SAFE).
This rise, amounting to about $34 billion, marks the largest increase in seven months.
Analysts on average predicted an increase to $3.262 trillion, according to The Wall Street Journal. Trading Economics respondents expected $3.25 trillion.
The increase in reserves is attributed to various factors, including exchange rate translations and changes in asset prices, reflecting the dynamics of global financial markets. This growth is significant as it highlights China’s position as holding the largest foreign exchange reserves in the world.
Read also : Gold : Build Your Wealth and Freedom
Gold reserves in China at the end of last month amounted to 72.8 million ounces, SAFE also reported. The volume of precious metal reserves has remained at this level since April.
At the same time, in value terms, gold reserves increased to $176.64 billion from $169.7 billion at the end of June.
Our community already has nearly 135,000 readers!
Subscribe to our Telegram channel
Notify me when a new article is published:
Follow us on Telegram, Facebook and Twitter
© Copyright 2024 – Eurasia Business News. Article No. 1157.
