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China's forex reserves rise in July

Xinhua | August 7, 2023


China's foreign exchange reserves came in at 3.204 trillion U.S. dollars at the end of July, up from 3.193 trillion dollars at the end of June, the State Administration of Foreign Exchange said Monday.

In July, affected by monetary policies and expectations of major economies, world macroeconomic data and other factors, the U.S. dollar index fell and global financial asset prices generally rose. Due to the exchange rate translation and asset price changes, China's foreign exchange reserves increased in July, the administration said.

China's economy has great resilience and potential for development, and its long-term positive fundamentals have not changed, which is conducive to maintaining the basic stability of foreign exchange reserves, the administration said.