AsianFin — China’s foreign exchange reserves rose to $3.32 trillion at the end of August, up $29.9 billion or 0.91%from the previous month, according to data released Sunday by the State Administration of Foreign Exchange (SAFE).

The level marks the highest since January 2016, underscoring Beijing’s strengthened ability to cushion against external shocks, the Shanghai Securities News reported.

SAFE attributed the increase to a weaker U.S. dollar and rising global asset prices. “In August, influenced by factors including monetary policy expectations of major economies and macroeconomic data, the U.S. Dollar Index fell, and global financial asset prices generally rose,” SAFE said in a statement.