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China Forex Reserves Rise in April

Official data on Sunday showed that China’s foreign exchange reserves rose in April, beating analysts’ forecasts. The nation’s forex reserves increased by $21 billion to $3.205 trillion last month.

The country with the world’s largest foreign exchange reserves, China’s reserve levels beat analysts’ expectations of $3.192 trillion as determined in a Reuters poll of economic analysts.

China’s rise in foreign exchange reserves comes after the U.S. dollar weakened against other major global currencies. While the Chinese yuan fell against the U.S. dollar by 0.63%, the dollar weakened by 0.94%.

In addition to its foreign exchange reserves, China’s gold levels also rose in April, from 66.50 million ounces to 66.76 million fine troy ounces of gold. The value of China’s gold reserves rose from $131.65 billion at the end of March to $132.35 billion.

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