China’s foreign exchange reserves saw a larger-than-expected increase in July, according to official data released on Monday. The country’s reserves, which are the largest in the world, rose by $11.3 billion to reach $3.204 trillion last month. This exceeded the $3.200 trillion forecasted by analysts in a Reuters poll and the $3.193 trillion reported in June. The rise in reserves can be attributed to the dollar’s decline against other major currencies, with the yuan rising 1.5% against the dollar in July. Additionally, China’s gold reserves also increased from 67.95 million ounces at the end of June to 68.69 million fine troy ounces at the end of July. The value of China’s gold reserves rose to $135.36 billion from $129.93 billion during the same period.
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