BEIJING/SHANGHAI: China’s foreign exchange reserves rose to the highest level in more than 8-1/2 years in August, official data showed on Saturday, thanks largely to a broadly weaker U.S. dollar.
The country’s foreign exchange reserves – the world’s largest – grew by $31.8 billion to $3.288 trillion last month, booking the second straight monthly expansion and hitting the highest since December 2015.
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But it slightly missed a $3.289 trillion forecast in a Reuters poll of analysts.
The yuan gained 1.9% against the dollar in August, while the dollar last month weakened 2.2% against a basket of other major currencies.
American Dollar Exchange Rate