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(Bloomberg) -- China’s foreign-currency holdings rose to the highest since January 2018 in July, as a weak dollar pushes up the value of other currencies in the stockpile.
Reserves climbed to $3.154 trillion from $3.112 trillion in the previous month, the People’s Bank of China said Friday.
Key Insights
The value of the reserves rose due rising prices for assets and the effect of the weakening dollar, according to a SAFE statement. U.S. and EU economies have increased fiscal stimulus and maintained “super-easy monetary policy”, non-dollar currencies strengthened and asset prices rose in major economies, the statement said.
The reading was higher than the median estimate of $3.140 trillion in a Bloomberg survey of economists
The value of gold reserves rose to $123.09 billion from $110.76 billion in June. See here for details.
Source: Bnnbloomberg
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