China forex reserves rise to US$3.204 trillion in July

CHINA’S foreign exchange reserves rose more than expected in July, official data showed on Monday (Aug 7), as the US dollar fell against other major currencies.

The country’s foreign exchange reserves – the world’s largest – rose US$11.3 billion to US$3.204 trillion last month, compared with US$3.200 trillion tipped by a Reuters poll of analysts and US$3.193 trillion in June.

The yuan rose 1.5 per cent against the US dollar in July, while the greenback last month fell 1 per cent against a basket of other major currencies.

China held 68.69 million fine troy ounces of gold at the end of July, up from from 67.95 million ounces the end-June.

The value of China’s gold reserves rose to US$135.36 billion at the end of July from US$129.93 billion at end-June. REUTERS