China forex reserves surge $19.8bn to $3.25tr

MG News | April 09, 2024 at 01:00 PM GMT+05:00

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April 09, 2024 (MLN): China's foreign exchange reserves surged by $19.8 billion to reach $3.25 trillion in March 2024, data released by People’s Bank of China (PBOC) showed.

The reserves now stand at their highest level since December 2021.

Moreover, China’s official reserve assets in March rose to $3.47tr. China held 72.74 million fine troy ounces of gold, up from 72.58m ounces at the end of February, the 17th straight month of increase.

This amounts to around to $161bn worth of gold reserves, as against $148.64bn held a month earlier.

Last month, the yuan depreciated by 0.47% against the dollar, while the U.S. Dollar Index (DXY), which tracks the value of the greenback against other major currencies strengthened by 0.38%.

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