China has been buying USD as its become cheaper

Spokesperson Wang Chunying for the State Administration of Foreign Exchange (SAFE) of the People’s Republic of China

  • says the decline in the value of the USD is one of the factors that has seen China growing its foreign reserves
Foreign exchange reserves held by the People’s Bank of China (PBOC) increased to $3.1123 trillion at the end of June, up 0.3% (an increase of $10.6 billion) from the end of May
The gain in reserves may come in handy if Trump’s White House follows through on some chatter that its seeking to undermine Hong Kong’s currency peg in retaliation for China’s imposition of a new security law.