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On August 7, the State Administration of Foreign Exchange released the latest data. As of the end of July 2024, my country's foreign exchange reserves were US$3,256.4 billion, an increase of US$34 billion from the end of June, an increase of 1.06%.

The State Administration of Foreign Exchange said that due to the influence of macroeconomic data, monetary policies and expectations of major economies, the US dollar index fell and global financial asset prices rose overall. The combined effect of factors such as exchange rate conversion and asset price changes led to an increase in the size of foreign exchange reserves that month.

In July, the US dollar index fell by 1.75%, and the yen rose by about 5% against the US dollar. "The US economy is still weakening significantly, and the US dollar index will fall in the future. The strengthening of non-US currencies will make a positive contribution to the exchange rate conversion of China's foreign exchange reserves," Zhao Qingming, deputy director of the Huiguan Information Technology Research Institute, told the First Financial reporter.

The State Administration of Foreign Exchange believes that my country's economic operation is generally stable, with steady progress, and the upward trend continues, which is conducive to maintaining the basic stability of the foreign exchange reserve scale.

It is worth noting that the People's Bank of China has stopped increasing its gold holdings for three consecutive months. Zhao Qingming told the First Financial reporter that in the past few years, the increase in gold holdings in some emerging markets has been a major reason for the rise in gold prices. Historically, gold prices are already seriously overvalued, and a decline in the future is inevitable. It is rational to suspend the increase in gold holdings at present. "However, given the current over-issuance of currency in developed countries, gold will still rise in the long run," Zhao Qingming said.