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    MarketForces Africa » FX Market » China’s Foreign Exchange Reserves Drop to $3.2024 Trillion

    China’s Foreign Exchange Reserves Drop to $3.2024 Trillion

    Julius AlagbeBy Julius AlagbeJanuary 7, 2025Updated:January 7, 2025 FX Market No Comments2 Mins Read
    China's Foreign Exchange Reserves Drop to $3.2024 Trillion
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    China’s Foreign Exchange Reserves Drop to $3.2024 Trillion

    China’s foreign exchange reserves totalled 3.2024 trillion U.S. dollars at the end of December 2024, down by 63.5 billion dollars, or 1.94 percent, compared to the end of November last year, official data showed Tuesday.

    The decline in foreign reserves was the lowest in eight months, from $3.26 trillion in November and below expectations of $3.25 trillion. The drop comes amid a strengthening US dollar. The yuan weakened by 1.2% while the dollar gained 2.6% against major currencies.

    The State Administration of Foreign Exchange said in a statement that the U.S. dollar index climbed while global financial asset prices declined last month due to monetary policy expectations and macroeconomic data in major economies.

    Due to the combined effects of factors such as currency translation and changes in asset prices, China’s foreign exchange reserves shrank in December last year, according to the statement.

    China’s economy has maintained stable operation and experienced steady growth, with solid advancements in high-quality development, ensuring the general stability of foreign exchange reserves, the administration said.

    Meanwhile, gold reserves were at 73.29 million fine troy ounces, slightly higher than 72.96 million troy ounces in the previous month. However, their value declined to $191.34 billion from $193.43 billion, in line with a drop in gold prices. #China’s Foreign Exchange Reserves Drop to $3.2024 Trillion

    Source: Xinhua

    CHINA FX US DOLLAR
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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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