According to China’s Foreign Exchange Agency (SAFE), China’s foreign exchange reserves exceeded expectations by rising in April. This was due to the US dollar’s decrease against other major currencies.
China’s international reserves climbed $21 billion to $3.205 trillion in April, surpassing analysts’ estimates of $3.192 trillion and March’s $3.184 trillion.
During April, China’s yuan decreased 0.63% against the dollar, while the US dollar fell 0.94% against a basket of major currencies.
At the end of April, China’s gold reserves reached 66.76 million ounces, up from 66.50 million ounces in March. China’s gold reserves totaled $132.35 billion at the end of April, up from $131.65 billion at the end of March.
China’s growing FX reserves are good news for the country, indicating its ability to withstand external shocks and manage its economy efficiently.