(Yicai) July 8 -- China’s foreign exchange reserves fell 0.3 percent last month as the US dollar and global asset prices climbed, while the nation’s gold reserves stayed the same for the second month in a row.

China’s forex reserves shrank by USD9.7 billion to USD3.222 trillion in June from May, the State Administration for Foreign Exchange said yesterday.

The SAFE attributed the decline to the combined effects of exchange rate conversion and asset price changes. The US Dollar Index, a measure of the greenback’s value relative to a basket of foreign currencies, strengthened along with global asset prices on the back of factors such as monetary policies and expectations in major economies as well as macroeconomic data, it said.

China’s economy has continued its recovery momentum and high-quality development, which supports the basic stability of the forex reserves, the SAFE said.

The People’s Bank of China, the country’s central bank, has put a freeze on adding to its gold reserves since April after they swelled for eighteen straight months. It had 72.8 million ounces of gold at the end of June, the same as in April and May.

Editor: Kim Taylor