China Posts Surge in September Forex Reserves
(MENAFN) China's foreign exchange reserves reached a total of $3.338 trillion by the end of September 2023, according to official data released on Tuesday by the State Administration of Foreign Exchange (SAFE).
This marks a 0.5% increase, equating to a rise of $16.5 billion compared to the previous month.
In its statement, the administration highlighted that while international financial assets saw a general uptick in value during September, there were minor fluctuations in the US dollar index.
It emphasized that the combined effects of swap transactions and asset price movements played a significant role in the overall increase in the country's reserves.
The statement also pointed out that the stability and growth of foreign exchange reserves are closely tied to the broader economic stability and ongoing development within China.
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