BEIJING - China’s foreign exchange reserves climbed to 3.1041 trillion US dollars by the end of July, up 32.8 billion dollars from June, data from the State Administration of Foreign Exchange showed on Sunday.

“Supply and demand in the domestic foreign exchange market remained balanced,” deputy administration head Wang Chunying said, commenting on the data. Wang attributed the increase in forex reserves to the increase in the dollar index and financial asset prices globally.

Deeming the external situation to be complex and grim, Wang said the global financial market still faces uncertainties amid increasing risks and challenges in the global economy. But China’s economic fundamentals for long-term growth have remained unchanged thanks to its efforts in coordinating COVID-19 prevention and control with economic and social development, which will keep the country’s forex reserves stable, Wang said.

China’s warehouse storage sector continues recovery in July

China’s warehouse storage sector continued to rebound in July, according to a survey jointly released by the China Federation of Logistics and Purchasing and CMST Development Co Ltd.

The index tracking the sector’s development stood at 53.1 percent in July, continuing to stay in the expansion range, the survey showed. A reading above 50 percent indicates expansion, while below 50 percent reflects contraction. The sector reported an improving business performance, with the sub-index tracking business profits reaching a new high in a year. The survey also predicted a steady growth of the sector in the future as policies to stabilise economic growth will further boost demand and supply.

China sees more

railway trips, cargo transport in July

China’s railway passenger trips and cargo transport surged in July, according to the country’s railway operator. The country’s railway handled 224 million passenger trips last month, with the average daily trips reaching nearly 7.23 million, surging 30.9 percent month on month, data from China State Railway Group Co Ltd showed. A total of 410 million tonnes of cargo were transported by China’s railway in July, with 13.22 million tonnes transported on an average daily basis, up 12.3 percent from the same period last year, the data showed. China is expected to see 520 million railway trips during the summer travel rush, which lasts from July 1 to August 31. The summer travel rush is usually a busy season for China’s railway system as college students return home and transport demand from family visits and travel soars.