Foreign exchange reserves rise

China's foreign exchange reserves totaled $3.3222 trillion at the end of August, up by $29.9 billion, or 0.91 percent, compared to the end of July, official data showed. The State Administration of Foreign Exchange attributed the increase to the combined impact of currency translation and changes in asset prices. In August, the US dollar index fell as expectations on the monetary policies of major economies and macroeconomic data influenced the market, while global financial asset prices generally rose, according to the administration.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 35 pips to 7.1029 against the US dollar on Monday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily