China's Foreign Reserves Surge: A Currency Power Shift
China's foreign exchange reserves saw a notable increase of $41 billion in April, surpassing expectations as the dollar weakened globally. This rise brought the country's total reserves to $3.282 trillion, reflecting a strengthening yuan and a decline in the dollar's value against other major currencies.
- Country:
- China
China's foreign exchange reserves experienced an unexpected rise in April, as revealed by official data released on Wednesday, coinciding with a weakening of the US dollar against major currencies globally.
The reserves, which are the largest in the world, grew by $41 billion to reach $3.282 trillion, surpassing the Reuters forecast of $3.265 trillion. Previously, in March, the reserves stood at $3.241 trillion.
In April, the yuan appreciated by 0.21% against the dollar, which saw a 4.34% decline against a basket of other significant currencies, contributing to this financial shift.
(With inputs from agencies.)
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