China’s foreign exchange reserves rise in October for the first time since July By Reuters – News Couple

China’s foreign exchange reserves rise in October for the first time since July By Reuters

© Reuters. FILE PHOTO: Chinese yuan and US dollar banknotes are shown in this illustration taken on February 10, 2020. REUTERS / Dado Ruvic / Illustration / File Photo

BEIJING (Reuters) – China’s foreign exchange reserves rose in October on a monthly basis for the first time since July, official data showed on Sunday, as the dollar fell against a basket of other major currencies.

China’s reserves, the world’s largest, reached $3.218 trillion at the end of October, up 0.53% from the previous month, according to data from the State Administration of Foreign Exchange (SAFE).

That was above the $3.197 trillion forecast in a Reuters poll of analysts and up from $3.128 trillion in October 2020.

However, it is still less than $3.232 trillion at the end of August.

It fell 0.1% in October.

“Despite the repeated outbreaks of the COVID-19 pandemic and the prevailing uncertainties among the global economic recovery…the Chinese economy continues to recover with strong resilience and huge potential, which will provide support to maintain overall stability in the volume of foreign exchange reserves,” China’s Ministry of Finance said in a statement. Sunday statement.

China held 62.64 million troy ounces of gold at the end of October, unchanged from the previous month’s 62.64 million troy ounces.

The value of its gold reserves rose to $110.83 billion from $109.18 billion at the end of September as gold prices rose.

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