Beijing (Agencies): China’s foreign exchange reserves reached $3.24 trillion by the end of March, marking a 0.42% increase from the previous month, according to data from the State Administration of Foreign Exchange (SAFE). This milestone reflects the 16th consecutive month of stability, with reserves holding firm above $3.2 trillion.
The SAFE attributed the March rise to a combination of factors, including fluctuations in the US Dollar Index, shifts in global financial asset prices, and exchange rate variations. These factors were influenced by macroeconomic dynamics, monetary and fiscal policies, and expectations surrounding major global economies.
China’s overall economic performance has remained stable, with existing and newly implemented policies yielding positive outcomes. This stability has supported the consistent size of the country’s foreign exchange reserves, according to the SAFE.
Additionally, gold reserves saw an uptick, climbing to 73.7 million ounces at the end of March, compared to 73.61 million ounces in February. This marks the fifth straight month of gold purchases by the People’s Bank of China, reflecting the central bank’s strategic efforts to enhance its asset portfolio.