Foreign exchange reserves rose by $34 billion in July
2024-08-08
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On August 7, the State Administration of Foreign Exchange announced the situation of my country's foreign exchange reserves in July this year. Statistics show that as of the end of July this year, my country's foreign exchange reserves amounted to 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 in July this year, the US dollar index fell and global financial asset prices generally rose due to factors such as macroeconomic data, monetary policies and expectations of major economies. 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 in July. my country's economic operation is generally stable and has made steady progress, continuing the upward trend, which is conducive to the continued basic stability of the size of foreign exchange reserves.
Wen Bin, chief economist of Minsheng Bank, analyzed that my country maintains its leading position in the fields of "new three things" (new energy vehicles, lithium batteries, photovoltaic products), ships, etc., and the policy support for new quality productivity will create more export growth points. New foreign trade formats such as cross-border e-commerce and offshore trade continue to emerge, and economic and trade cooperation with countries participating in the construction of the "Belt and Road" is deepening. With the support of multiple favorable factors, exports have the basis to maintain medium-to-high-speed growth and continue to play a basic role in stabilizing cross-border capital flows. my country's economy continues to recover and improve, and high-level opening-up is steadily advancing, which is conducive to maintaining an overall balance in the balance of payments and laying a solid foundation for the basic stability of foreign exchange reserves.
Image source: Visual China
