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China's foreign exchange reserves increased significantly in July.

Data released by the State Administration of Foreign Exchange on August 7 showed that as of the end of July 2024, my country's foreign exchange reserves were US$3256.372 billion, a significant increase of US$34.014 billion from US$3222.358 billion at the end of June.

In July, the US dollar index fell by more than 1.7%, and the RMB spot exchange rate against the US dollar appreciated. Throughout July, the RMB spot exchange rate against the US dollar appreciated by 398 basis points from 7.2659 at the end of June, a cumulative increase of more than 0.54%. The RMB central parity rate against the US dollar fell slightly in July. On July 31, the RMB central parity rate against the US dollar was 7.1346, an increase of 18 basis points, a decrease of 78 basis points from 7.1268 at the end of June, and a depreciation of 0.11%.

At the foreign exchange management work exchange meeting in the second half of 2024, the State Administration of Foreign Exchange emphasized the need to strengthen the construction of foreign exchange reserve management capabilities to ensure the security, liquidity, and preservation and appreciation of foreign exchange reserve assets.

In terms of gold reserves, the People's Bank of China continues to suspend increasing its gold holdings.

The gold reserve data released by the People's Bank of China on August 7 showed that the gold reserves at the end of July were 72.8 million ounces, the same as at the end of April, the end of May and the end of June. Previously, the Chinese central bank had increased its gold holdings for 18 consecutive months.