China's foreign exchange reserves reached the highest level in more than two years, standing at $3.2457 trillion as of the end of March, while gold reserves increased for the 17th consecutive month, the State Administration of Foreign Exchange said on 7th of April.
China's foreign exchange reserves reached a two-year high of $3.238 trillion as of the end of last year while gold reserves increased for the 14th consecutive month, the State Administration of Foreign Exchange said.
China may continue to reduce its holdings of United States debt, in a move to diversify its foreign reserve assets and ensure foreign exchange market stability amid the rising de-dollarization trend in international trade.
The current downward pressure on the Chinese yuan in foreign exchange markets will be short-lived, as the country's on-track economic recovery and more economic stimulus packages in the pipeline will help support the currency's valuation, said experts on Tuesday.
Data from the State Administration of Foreign Exchange on Wednesday showed that foreign investors bought a net worth of $27.7 billion in onshore stocks in January, marking the highest single-month reading on record.