Foreign exchange reserves reach highest in 2 yrs
A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. China's foreign exchange reserves reached the highest level in more than two years, standing at $3.2457 trillion as of the end of March, while gold reserves increased for the 17th consecutive month, the State Administration of Foreign Exchange said on Sunday. The country's foreign exchange reserves were up by $19.8 billion, or 0.62 percent, compared with the end of February, SAFE said, marking the second consecutive month of increase and hitting the highest level since December 2021, when the country's foreign exchange reserves came in at $3.25 trillion. The administration said foreign exchange reserves rallied amid rising global financial markets, adding that China's economic recovery is gaining momentum, and solid economic fundamentals will help the country's foreign exchange reserves stay generally stable going forward. Meanwhile, China's official gold reserves reached 72.74 million ounces at the end of March, up from 72.58 million ounces a month earlier, marking the 17th consecutive month of increase, according to SAFE.
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