China's Forex Reserves Rise to $3.419 Trillion in July
China's foreign exchange reserves grew by $3 billion to $3.419 trillion, while the central bank continued gold purchases for the 21st consecutive month.
AI will summarize what happened, why it matters and what it means for business.
China's foreign exchange reserves, the world's largest, increased by $3 billion in July compared to the previous month, reaching $3.419 trillion, according to a statement from the People's Bank of China (PBOC).
The yuan appreciated by 0.52% against the US dollar last month, while the US dollar fell by 1.34% against a basket of major world currencies.
Gold reserves at the end of July stood at 76.08 million ounces, compared with 75.44 million ounces a month earlier. Thus, the PBOC purchased 640,000 ounces of the precious metal, or about 20 tonnes, marking the largest acquisition since October 2023.
China's central bank has been buying gold for the 21st consecutive month.
In value terms, gold reserves increased to $306.35 billion from $303.72 billion at the end of June.
Context
What happened before
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China's forex reserves stood at $3.416 trillion, gold reserves at 75.44 million ounces
Forex reserves rose by $3 billion to $3.419 trillion
Yuan appreciated 0.52% against the dollar; dollar fell 1.34% against currency basket
PBOC bought 640,000 ounces of gold, the largest purchase since October 2023