BOCIC Global Chief Economist Guan Tao: By the end of August, China's foreign exchange reserves reached a new high since 2016, and the diversification of international reserve assets is steadily advancing

On September 7th, data from the State Administration of Foreign Exchange showed that as of the end of August, China's foreign exchange reserves amounted to USD 332.22 billion, an increase of USD 29.9 billion from the end of July, with a growth rate of 0.91%. In this regard, Guan Tao, the global chief economist of BOCIC, stated that this is mainly influenced by expectations of monetary policy from major economies, macroeconomic data, and other factors, leading to a renewed downward trend in the US dollar index, an overall rise in global financial asset prices, and a positive valuation effect from the appreciation of non-US dollar currencies against the US dollar and the increase in asset prices. (Imitation version)