New Delhi: China’s forex reserves, the highest in the world, has risen for the eighth month in a row to over USD 3.1 trillion in September as pressure from capital outflow eased.

In January, the forex reserves plunged below USD 3 trillion, but as the economy stands on a firmer footing and the yuan continues to stabilise, the stockpile has increased steadily since February, according to official data released today.

It was the first time that the reserves climbed for the eighth months in a row since June 2014, bringing the total to its highest level since October 2016, state-run Xinhua news agency reported.

The world’s largest currency hoard totalled USD 3.1085 trillion by the end of September, increasing by USD 16.98 billion from a month earlier, data from the Peoples Bank of China said.

Last month’s increase followed a gain of USD 10.81 billion in August, the report said.

The State Administration of Foreign Exchange (SAFE) said that economic growth has remained stable and sound since the beginning of the year and the Yuan has appreciated steadily, while cross-border capital flows stayed stable, which contributed to the forex reserves gradual rebound.