China’s foreign exchange reserves up 0.98 pct in August

BEIJING, Sept. 7 (Xinhua) — China’s foreign exchange reserves totaled 3.2882 trillion U.S. dollars as of the end of August, up by 31.8 billion dollars, or 0.98 percent compared to the end of July, official data showed Saturday.
China’s foreign exchange reserves have remained stable above 3.2 trillion U.S. dollars for nine consecutive months, according to the State Administration of Foreign Exchange.
The administration said in a statement that the U.S. dollar index declined and global financial asset prices generally increased last month due to factors such as macroeconomic data and monetary policy expectations in major economies.
The administration added that the combined effects of currency translation and asset price changes led to the increase in China’s foreign exchange reserves in August.
China’s economic operation is generally stable and the long-term growth trend remains unchanged, which will help sustain the stability of the scale of foreign exchange reserves in the country, said the administration. ■