Beijing, June 08, 2024, The Europe Today: China’s foreign exchange reserves increased to 3.2320 trillion U.S. dollars by the end of May, marking a 0.98 percent rise from the end of April, the State Administration of Foreign Exchange (SAFE) announced on Friday.
The growth in reserves is attributed to a combination of currency translation and changes in asset prices, according to the country’s foreign exchange regulator.
“Last month, the U.S. dollar index fell, and the prices of global financial assets climbed, influenced by the monetary policy expectations of major economies and their macroeconomic data,” SAFE noted in its statement.
This increase reflects the dynamic interplay of global financial markets and China’s effective management of its foreign exchange reserves. The rise also signals a positive response to the global economic environment and the strategic adjustments made by major economies.
