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MNI BRIEF: China January Forex Reserves Fall To USD3.22 Trln

MNI (Singapore)
MNI (Beijing)

China's foreign exchange reserves dropped by USD18.7 billion to USD3.22 trillion by the end of January, a dip in line with market expectations, according to data released by the State Administration of Foreign Exchange on Wednesday.

The decrease in FX reserves was attributed to the rising U.S. dollar index and mixed global financial asset prices, SAFE said, adding that China’s economic recovery will help ensure the basic stability of the scale of FX reserves.

Beijing has increased its gold reserves by 320,000 ounces to 72.19 million ounces by end-January, the 15th consecutive month of increases, to improve its FX reserve asset security.

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