Beijing: China’s foreign exchange reserves reached nearly US$3.23 trillion at the end of February, marking an increase of US$18.2 billion, or 0.57%, from the end of January, according to official data.
According to Emirates News Agency, the rise in reserves coincided with a decline in the U.S. dollar index last month. Global financial asset prices experienced variability, influenced by macroeconomic policies, data from major economies, and the monetary policies and expectations of key central banks, as reported by Xinhua quoting the State Administration of Foreign Exchange.
The increase in China’s foreign exchange reserves in February was attributed to a combination of currency translation and changes in asset prices. The State Administration of Foreign Exchange noted that the country’s economy maintains a solid foundation, with multiple advantages, resilience, and potential, all contributing to the overall stability of foreign exchange reserves.
Data released by the People’s Bank of China on Friday indicated that the country’s gold reserves also saw an increase, rising to 73.61 million ounces at the end of February, up from 73.45 million ounces at the end of January.