China's gold reserves rise for the first time in months

China's gold reserves rise for the first time in months

The dollar fell against a basket of other major currencies, according to a data released on Sunday, as China's foreign exchange reserves rose for the first time since July.

The state administration of the Foreign Exchange SAFE data shows that China's reserves were up by 1.53% since a month earlier, a higher than the $3.197 trillion forecast in a poll of analysts and a higher than the $3.128 trillion in October 2020.

It remains lower than the $3.232 trillion at the end of August.

In October, the dollar index dropped by 1%.

Despite the uncertainties in the global economic recovery, the COVID-19 epidemic has resulted in a recurring COVID-19 epidemic. The SAFE said on Sunday that China's economy could recover with strong resilience and huge potential, which would provide support for maintaining overall stability in the scale of foreign exchange reserves.

At the end of October, China held 62.64 million fine troy ounces of gold, unchanged from the previous month's 62.64 million finetroy ounces.

The value of its gold reserves was up to $110.83 billion from $109.18 billion at the end of September as the price of gold rose.