China's foreign exchange reserves rose to $3.4383 trillion
China's foreign exchange reserves stood at $3.4383 trillion at the end of August. This was $19.5 billion, or 0.57%, higher than at the end of July, ECNS reported, citing data from China's State Administration of Foreign Exchange.
Factors behind the change in reserves
The agency attributed the increase in reserves to the combined effect of currency revaluation and changes in asset prices. In August, the U.S. dollar index declined amid changes in global macroeconomic data and market expectations regarding monetary policy in major economies.
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At the same time, prices of major financial assets showed mixed dynamics. According to the regulator, these factors contributed to an increase in foreign exchange reserves during the month.
Regulator's assessment
The State Administration of Foreign Exchange said that China's economy remained stable and developed gradually. The agency noted that its resilience and vitality help keep the country's foreign exchange reserves generally at a stable level.
