China's foreign exchange reserves drop to $3.26105 trillion
BEIJING - China's foreign exchange reserves totaled $3.26105 trillion at the end of October, down by $55.317 billion, or 1.67 percent, compared to the end of September, official data showed Thursday.
The State Administration of Foreign Exchange noted in a statement that the US dollar index climbed and global financial asset prices declined last month due to monetary policy expectations and macroeconomic data in major economies.
"Due to the combined effects of factors such as currency translation and changes in asset prices, China's foreign exchange reserves shrank in October," the statement reads.
China is effectively implementing a host of policies to consolidate the momentum of economic growth, which is conducive to generally stable reserves of foreign exchanges, the administration said.
