China’s FX Reserves Rise to $3.26 Trillion

China’s FX Reserves Rise to $3.26 Trillion

China’s foreign exchange reserve increased by about 1.06% to $3.26 billion as of the end of July, according to data from the country’s forex regulator released Thursday.

In June, the nation’s foreign currency balance reached $3.22 trillion, a decline from $3.232 trillion in the month of May, 2024.

The rise is attributable to combined factors such as price changes in exchange rate conversion and asset prices with a fall in the US dollar index and a rise in global financial asset prices, according to the State Administration of Foreign Exchange.

In the second quarter of 2024, China’s current account registered a surplus of US$ 54.9 billion, including a surplus of US$ 167.1 billion under trade in goods, a deficit of US$ 61.7 billion under trade in services and US$ 53.2 billion under primary income and a surplus of US$ 2.7 billion under secondary income.

The capital and financial accounts recorded a deficit of US$ 54.9 billion.  

China’s current account recorded a surplus of US$ 94.1 billion, including a surplus of US$ 288.4 billion under trade in goods. 

The amount also took into consideration deficit of US$ 122.9 billion under trade in services, a deficit of US$ 77.5 billion under primary income, and a surplus of US$ 6.1 billion under secondary income.  

The capital and financial accounts recorded a deficit of US$ 129.3 billion. #China’s FX Reserves Rise to $3.26 Trillion Ex CBN Director Tasks FG on Enabling Environment For Dangote Refinery