China's Foreign Exchange Reserves Jump to $3.205 Trillion

[beijingwalker]

China's Foreign Exchange Reserves Jump to $3.205 Trillion​

Sun 07 May 2023 | 09:16 PM

Official data showed that China's foreign exchange reserves rose more than expected in April, amid the dollar's decline against other major currencies, according to Reuters.

China's foreign exchange reserves - the largest in the world - rose by $21 billion to $3.205 trillion last month, compared to $3.192 trillion according to a Reuters poll of analysts and $3.184 trillion in March.

The yuan fell 0.63% against the dollar in April, while the dollar fell last month by 0.94% against a basket of other major currencies.

By the end of April, China held 66.76 million ounces of gold, up from 66.50 million ounces at the end of March.

The value of China's gold reserves rose to $132.35 billion at the end of April from $131.65 billion at the end of March.

China is at the top of the list of countries with the most foreign reserves, followed by Japan and Switzerland, Russia ranks fourth, India comes fifth, Saudi Arabia ranks sixth, Hong Kong ranks seventh, South Korea ranks eighth, Brazil ranks ninth, and Singapore ranks tenth.

China's Foreign Exchange Reserves Jump to $3.205 Trillion | Sada Elbalad

Official data showed that China's foreign exchange reserves rose more than expected in April, amid the dollar's decline against other major currencies.

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[S10]

China needs to hold more gold reserve and reduce USD/Euro holdings as much as possible.