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Today: January 15, 2025
Today: January 15, 2025

China FX reserves rise to highest level since 2015 in August

FILE PHOTO: Illustration shows U.S. dollar and Chinese Yuan banknotes
September 07, 2024
Reuters - Reuters

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.

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.

(Reporting by Qiaoyi Li, Winni Zhou and Ryan Woo' Editing by Sam Holmes)

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