China’s Forex Reserves Hit Nine-Year High as Asset Gains Offset Dollar Pressure
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China’s foreign exchange reserves climbed for a third consecutive month in October, reaching their highest level since 2016, as gains in global financial markets helped offset the pressure of a strengthening U.S. dollar.
Data released Friday by the State Administration of Foreign Exchange (SAFE) showed reserves rose by $4.7 billion to $3.34 trillion at the end of October, a 0.1% increase from September. The total has now remained above $3.3 trillion for three straight months.
SAFE attributed the increase to a combination of asset price movements and currency translation effects. Although the U.S. dollar index gained ground, the value of global financial assets rose, lifting the overall reserves
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- China’s foreign exchange reserves rose by $4.7 billion to $3.34 trillion in October 2024, the highest since 2016.
- The increase, attributed to asset price gains and currency effects, marks three consecutive monthly rises and continued reserves above $3.3 trillion.
- China added 30,000 ounces of gold in October, bringing total gold reserves to 74.1 million ounces, with 1.3 million ounces added since October 2023.
- China Minsheng Bank
- Wen Bin, chief economist at China Minsheng Bank, observed that the dollar index increased by nearly 2% in October. This rise occurred despite a Federal Reserve rate cut, influenced by hawkish statements from Fed Chair Jerome Powell and positive outcomes from U.S.-China talks.
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