China’s Foreign Exchange Reserves Increase

SHANGHAI (Reuters) – China’s foreign exchange reserves rose more than expected in September, according to official data released on Monday, as the dollar weakened against other major currencies.

The country’s foreign exchange reserves, the largest in the world, grew by $28.2 billion to $3.316 trillion last month. This was above the median estimate of $3.304 trillion from a Reuters poll of analysts, and up from $3.288 trillion in August.

The yuan strengthened about 1.1% against the dollar in September, while the dollar weakened about 1% against a basket of other major currencies last month. (Note: This story has been corrected to fix the August forex reserves in paragraph 2 and the September growth in paragraph 3.)