China's foreign reserves rise in August, central bank gold holdings up for 10th month

China's foreign exchange reserves expanded in August as the central bank continued to add gold to its reserves for the 10th consecutive month, official data showed.

The country's foreign exchange reserves came in at US$3.3222 trillion (HK$25.91 trillion) at the end of August, up US$29.9 billion, or 0.91 percent, from the end of July, according to the State Administration of Foreign Exchange.

Gold reserves were 74.02 million ounces at the end of last month, up 60,000 ounces from the end of July.

The administration said the decline in the US dollar index and rising global financial asset prices, influenced by factors including market expectations for major economies' monetary policies and macroeconomic data, combined to increase the value of the reserves.