According to official data released on Sunday, China experienced a higher-than-anticipated increase in its foreign exchange reserves in April, benefiting from the decline of the US dollar against other major currencies.
The world’s largest foreign exchange reserves rose by $21 billion to reach $3.205 trillion last month. This surpassed the forecasted $3.192 trillion predicted by analysts in a poll and the previous figure of $3.184 trillion recorded in March.
The value of the Chinese yuan depreciated by 0.63% against the US dollar during April, while the US dollar itself declined by 0.94% against a basket of other significant currencies. At the end of April, China held 66.76 million fine troy ounces of gold, indicating an increase from the 66.50 million ounces held at the end of March.
The value of China’s gold reserves also saw a slight rise, reaching $132.35 billion at the end of April compared to $131.65 billion at the end of March. These developments highlight China’s continued efforts to diversify its foreign exchange holdings and enhance the stability of its financial position.
