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according to data released by the state administration of foreign exchange on september 7, as of the end of august 2024, my country's foreign exchange reserves were us$3,288.2 billion, an increase of us$31.8 billion or 0.98% from the end of july. the state administration of foreign exchange said that in august 2024, affected by factors such as macroeconomic data and monetary policy expectations of major economies, the us dollar index fell and global financial asset prices generally rose. the combined effect of factors such as exchange rate conversion and changes in asset prices led to an increase in foreign exchange reserves that month.

"the changes in foreign exchange reserve assets in august were mainly affected by changes in valuations. in august, overseas markets were dominated by interest rate cut transactions, international financial asset prices generally rose, the us dollar weakened, and the valuation of assets denominated in us dollars rebounded, driving the valuation of domestic foreign exchange reserve assets to rise." said zhou maohua, a macro researcher in the financial markets department of china everbright bank.

wen bin, chief economist of minsheng bank, said that my country's export structure continues to improve, the proportion of general trade has steadily increased, the competitiveness of products such as the "new three items" has gradually increased, and new foreign trade formats such as cross-border e-commerce and offshore trade have continued to emerge. multiple favorable factors support the export to maintain medium-to-high growth and continue to play a role in stabilizing the basic plate of cross-border capital flows. at the same time, as my country's high-level financial opening-up has steadily expanded, foreign institutional investors continue to be optimistic about china's capital market, and the scale of their holdings of my country's bonds has hit a new historical high, which also supports the stability of foreign exchange reserves.

the state administration of foreign exchange stated that my country's economic stable operation and long-term positive development trend will not change, providing support for the continued basic stability of the foreign exchange reserves.

in terms of gold reserves, data released by the state administration of foreign exchange on the same day showed that china's gold reserves at the end of august were 72.8 million ounces, the same as at the end of july, and remained unchanged for the fourth consecutive month.

experts said that the current gold price is still high, but considering the advantages of gold in hedging, anti-inflation, long-term value preservation and appreciation, the general trend of increasing gold reserves in my country's international reserves has not changed. at present, the proportion of gold reserves in emerging markets is still relatively low, and there is still room for the people's bank of china to increase its gold holdings in the future, but there is uncertainty about the pace of central banks' gold holdings.

editor-in-charge: feng li (en015)