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China Sept forex reserves fall to lowest since April

China Sept forex reserves fall to lowest since April

FILE PHOTO: Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/Illustration

BEIJING :China's foreign exchange reserves fell almost 1per cent in September from the previous month, official data showed on Thursday, hitting their lowest level since April as the dollar gained ground against a basket of other major currencies.

The country's foreign exchange reserves - the world's largest - stood at US$3.201 trillion at the end of September, data from the central bank's State Administration of Foreign Exchange showed.

That was lower that the US$3.225 trillion forecast in a Reuters poll of analysts and down from US$3.232 trillion at the end of August.

The US$31.5 billion month-on-month decline was the steepest since March.

The dollar index climbed 1.7per cent in September, making the value of assets in other major currencies lower in dollar terms.

Meanwhile, China held 62.64 million fine troy ounces of gold at the end of September, unchanged from the previous month.

However, the value of its gold reserves slipped to US$109.18 billion from US$113.69 billion at the end of August as gold prices eased.

(Reporting by Stella Qiu, Jenny Su and Tom Daly, Editing by Timothy Heritage)

Source: Reuters

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