China's forex reserves stand at $3.12t

China's foreign exchange reserves dropped in the second consecutive month to $3.1151 trillion by the end of September as the US dollar strengthened while global financial markets declined, the State Administration of Foreign Exchange said on Saturday.

The amount was the lowest level since October 2022, when the reading came in at $3.0524 trillion, and was down by $45 billion or 1.42 percent compared with the end of August, according to SAFE.

The administration added that China's economic recovery and solid progress in high-quality development will help the country's foreign exchange reserves remain generally stable going forward.

Meanwhile, China's official gold reserves reached 70.46 million ounces at the end of September, up from 69.62 million ounces a month earlier, marking the 11th consecutive month of increase, SAFE said.

From November 2022 to September 2023, China added 7.82 million ounces in gold reserves, bringing the country's official gold reserves to a new record high, data compiled by market tracker Wind Info showed.