BEIJING: China’s foreign exchange reserves came in at 3.204 trillion U.S. dollars at the end of July, up from 3.193 trillion dollars at the end of June, the State Administration of Foreign Exchange said Monday.
In July, affected by monetary policies and expectations of major economies, world macroeconomic data and other factors, the U.S. dollar index fell and global financial asset prices generally rose. Due to the exchange rate translation and asset price changes, China’s foreign exchange reserves increased in July, the administration said.
China’s economy has great resilience and potential for development, and its long-term positive fundamentals have not changed, which is conducive to maintaining the basic stability of foreign exchange reserves, the administration said.The Chinese yuan strengthened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).
The CFETS yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, went up 0.65 points from the previous week to 97.46, according to the CFETS.
The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro, and Japanese yen.
Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket edge up 0.7 points from the previous week to 101.83. –Agencies
