China”s foreign exchange reserves increased for the third consecutive month in October to a new decade high, while the country’s official gold reserves rose for the 12th consecutive month, according to official data.
The country’s foreign exchange reserves increased to $3.3433 trillion as of the end of October, up 0.14 percent or $4.7 billion from the previous month, the State Administration of Foreign Exchange (SAFE) said on Friday.
The $3.34 trillion in reserves marked the highest level since November 2015, when the reading came in at $3.44 trillion, according to official data compiled by market tracker Wind Info.
SAFE said the country’s foreign exchange reserves rose last month amid an increasing US dollar index and rising global financial markets, with China’s steady economic growth conducive to keeping foreign exchange reserves generally stable.
Meanwhile, China’s official gold reserves came in at 74.09 million ounces at the end of October, up from 74.06 million ounces a month earlier, marking its 12th consecutive month of increase, according to SAFE.
