Data from the State Administration of Foreign Exchange showed that as of end-May, China’s foreign exchange reserves amounted to USD3.4422 trillion, representing an increase of USD31.7 billion from end-April, or a rise of 0.93%.
During the period, affected by factors including the global macroeconomic environment and expectations for monetary policies of major economies, the US dollar index rose and prices of major global financial assets increased overall. Driven by the combined effects of exchange rate translation and asset price changes, the scale of foreign exchange reserves increased for the month. China’s economy maintained a stable and improving development trend, with solid progress in high-quality development, providing support for the basic stability of foreign exchange reserves.
In addition, China’s gold reserves stood at 74.96 million ounces at end-May, up by 0.32 million ounces from 74.64 million ounces at end-April, marking the 19th consecutive month of increased gold holdings. (jl/da)
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Comments
It's interesting to see China's foreign exchange reserves on the rise, especially with those gold holdings increasing for 19 months straight. It seems like China is strategically positioning itself amid the global economic shifts. I wonder how this will impact their economic policies going forward.