Forex reserves down, gold reserve up in October

China's foreign exchange reserves dropped for the third consecutive month to $3.1 trillion by the end of October as the US dollar strengthened while global financial markets declined, the State Administration of Foreign Exchange said on Tuesday.

The amount was the lowest level since October 2022, when the reading came in at $3.05 trillion, and was down by $13.8 billion or 0.44 percent compared with the end of September, according to SAFE.

The administration added that China's economic recovery and solid economic fundamentals will help the country's foreign exchange reserves stay generally stable going forward.

Meanwhile, China's official gold reserves reached 71.2 million ounces at the end of October, up from 70.46 million ounces a month earlier, marking the 12th consecutive month of increases, SAFE said.

During the past year through October, China added 8.56 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.