China's FX Reserves To Maintain Stability-Journal

China’s foreign exchange reserves will remain stable, supported by the steady recovery of the Chinese economy and a likely rise in the U.S. dollar index, alongside a move higher in U.S. and European bond prices, the China Securities Journal reported, citing analysts. China’s FX reserves rose by USD32.8 billion to USD3.1 trillion at the end of July, marking the largest monthly increase since January 2021. Bond yields across the major economies fell in July amid a further weakening of expectations surrounding broader economic growth, while major stock markets rebounded from previous lows. These factors combined to push up China’s FX reserves, the newspaper said, citing Wen Bin, chief economist of Minsheng Bank. China's balance of payments surplus also drove up reserves slightly, Wen added.