China's July forex reserves rise on stronger global asset prices
China's foreign exchange reserves rose to $3.104 trillion at the end of July, up $32.8 billion from a month earlier, official data showed Sunday.
The amount jumped 1.07 percent from the end of June, according to the State Administration of Foreign Exchange (SAFE).
In June, China's forex reserves dipped 1.81 percent from the previous month as the U.S. dollar index rose and global asset prices dropped.
"China's forex market ran smoothly in July, continuing the balanced supply and demand of foreign exchange," said Wang Chunying, deputy head of SAFE.
As the U.S. dollar index ascended and prices of major global financial assets rose, considering exchange rate conversion, the scale of forex reserves increased during the month, explained Wang.
Although the external environment is becoming more complex and severe and the volatility of the international financial market has increased, Wang said the overall stability of China's forex reserves would be supported by the country's economic resilience and sound economic fundamentals.