Surprise Surge: China's Foreign Exchange Reserves Rise in October
China’s foreign exchange reserves, the largest in the world, increased by $4.7 billion in October according to official data, reaching $3.343 trillion. This rise comes as the dollar has strengthened against other major currencies, defying forecasts and showing a slight increase from September's $3.339 trillion.
- Country:
- China
China surprised financial markets in October with a significant increase in its foreign exchange reserves, the world's largest, according to official figures released on Friday.
The reserves rose by $4.7 billion to total $3.343 trillion by the end of October, surpassing the Reuters poll prediction of $3.327 trillion and slightly up from September's $3.339 trillion.
This growth occurred even as the yuan remained stable against the dollar, which strengthened by 1.96% against a basket of other major currencies during the same period.
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