China's Foreign Exchange Reserves Edge Up $2.5 Billion
China's foreign exchange reserves have experienced a slight increase in July, according to official data released by the State Administration of Foreign Exchange (SAFE). The country's foreign exchange reserves stood at $3.4188 trillion at the end of July, representing an increase of $2.5 billion, or 0.07 percent, from the previous month.
The slight growth is attributed mainly to the combined effects of exchange-rate conversion and changes in asset prices, SAFE said. The U.S. dollar index fell in July amid global macroeconomic conditions and monetary policies of major economies, while global financial asset prices recorded mixed movements, according to SAFE.
SAFE attributes China's economic resilience and vitality to new growth drivers gaining momentum and its economic structure continuing to improve. These factors are expected to help keep the country's foreign exchange reserves generally stable, it added.