China's foreign-exchange reserves rose by $23.93 billion to US$3.081 trillion in July, compared with an increase of US$3.2 billion in June, the People's Bank of China said Aug. 7, according to media reports.
July marked the first time since June 2014 that China's reserves increased for six months in a row as gains brought reserves to their highest level since October 2016, the South China Morning Post reported.
Liu Jian, a senior analyst with the Bank of Communications in Shanghai, attributed the rise to the increased value of non-U.S.-dollar assets in China's forex reserve portfolio. A weaker dollar also lifted the yuan.
In July, the State Administration of Foreign Exchange said the foundation for steadier cross-border capital flows has become more solid, Bloomberg News reported.