SAFE Releases Data on China's Foreign Exchange Reserves at the End of August 2024
According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of August 2024, China's foreign exchange reserves totaled USD 3.2882 trillion, up by USD 31.8 billion or 0.98% from the end of July 2024.
In August 2024, the US dollar index fell, while global financial asset prices generally rose, influenced by factors such as macroeconomic data in major economies and monetary policy expectations. China's foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. China achieved a stable performance while the long-term positive trend of China's economy will not change, which will support the sustained basic stability of the scale of foreign exchange reserves.
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