icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

China’s $3 TRILLION foreign exchange reserves continue to grow

China’s $3 TRILLION foreign exchange reserves continue to grow
Beijing has continued increasing its foreign exchange reserves – already the world’s largest – adding $10.64 billion in June to its $3.112 trillion, central bank data showed on Tuesday.

The figure is less than the $3.120 trillion expected by economists who were polled by Reuters. 

The bullion reserves stayed unchanged from the end of May, at 62.64 million fine troy ounces. The value of gold holdings rose to $110.76 billion at the end of June from $108.29 billion at the end of May.

The increase in foreign exchange reserves was due to the strengthening of the yuan and the global asset prices rebound.

Also on rt.com China’s digital yuan could replace bitcoin & end US dollar hegemony

Foreign inflows into Chinese stocks and bonds have picked up lately as investors bet on an economic rebound. Strict capital controls have also helped China to keep outflows under control over the past year despite the shock from the Covid-19 pandemic, the trade war with the United States, and weakening economic growth.

Statistics showed the yuan rose 0.99 percent against the US dollar in June, while the US dollar fell about 0.97 percent in the same month against a basket of other major currencies.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts