(Bloomberg) -- China's foreign-currency holdings rose to the highest since January 2018 in July, as a weak dollar pushes up the value of other currencies in the stockpile.
- Reserves climbed to $3.154 trillion from $3.112 trillion in the previous month, the People's Bank of China said Friday.
Key Insights
- The value of the reserves rose due rising prices for assets and the effect of the weakening dollar, according to a SAFE statement. U.S. and EU economies have increased fiscal stimulus and maintained “super-easy monetary policy”, non-dollar currencies strengthened and asset prices rose in major economies, the statement said.
- The reading was higher than the median estimate of $3.140 trillion in a Bloomberg survey of economists
- The value of gold reserves rose to $123.09 billion from $110.76 billion in June. See here for details
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