Chinese Foreign Reserves Hit $3.1072 Trillion at End of August, Gold Reserves Rise for Ninth Consecutive Month

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Official data indicates that China’s gold reserves saw their ninth consecutive month of increase in August.

China’s foreign reserves were USD$3.1072 trillion at the end of August according to data from the State Administration of Foreign Exchange (SAFE), for an on-month rise of $3.5 billion, or 0.1%.

China’s foreign reserves have increased by $34.5 billion since the start of the year, for a 1.1% rise.

SAFE spokesperson and chief economist Wang Chunying (王春英) said that China’s forex markets were in excellent order in August, with forex supply and demand remaining basically stable.

According to Wang key factors in the slight rise in China’s foreign exchange reserves in August included fluctuations in exchange rates and asset prices, including a slight rise in the US dollar index and key sovereign bonds.

China’s gold reserves have also risen continuously since December 2018, for the ninth consecutive month of increase in August.

As of the end of August China’s gold reserves stood at 62.45 million ounces, for an increase of 190,000 ounces compared to the end of July.

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