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China’s forex reserves rise in Oct for first time since July -Breaking

by Mike Robinson

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BEIJING (Reuters – China’s monthly foreign reserves increased in October for the first period since July. Official data was released on Sunday. As the dollar lost ground against a basket containing major currencies,

According to the State Administration of Foreign Exchange data (SAFE), China’s reserve, which is the largest in the world, reached $3.218 trillion by the end of October. This was up 0.53 percent from one month ago.

This was more than what was forecast by Reuters analysts at $3.197 trillion and is up from the October 2020 estimate of $3.128 trillion.

It’s still below the $3.232 Trillion at August’s close.

It fell 0.1% in October.

The SAFE released a statement Sunday stating that “despite the ongoing COVID-19 pandemic, uncertainties in global economic recovery…China’s economy continues to recuperate with strong resilience and enormous potential which would support maintaining overall stability at the scale of foreign currency reserves.”

China held 62.64 millions fine troy troy gold ounces at the end October. That is unchanged from the previous month with 62.64million fine troy.

Due to rising gold prices, its gold reserves increased in value by $110.83 billion to $109.18 billion by September end.

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