(Yicai Global) Sept. 7 -- China's foreign exchange reserves, the world’s largest, inched up for a fifth consecutive month in August because of ongoing softness in the US dollar.

Forex reserves held at China’s central bank reached USD3.16 trillion at the end of last month, an increase of USD10.21 billion from July, according to figures released today by the State Administration of Foreign Exchange. Reserves rose USD42 billion in July.

Twenty-five chief economists at major Chinese financial institutions polled by Yicai Global had predicted an average increase of USD6.2 billion.

The US dollar depreciated about 1.8 percent versus the Chinese yuan in August.

The nation’s gold reserves were unchanged at 1,948 tons, or 6.26 million ounces, the SAFE said.