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China FX reserves edge up by $3 bln in June to $3.057 trillion
July 7, 2017 / 8:14 AM / 6 months ago

China FX reserves edge up by $3 bln in June to $3.057 trillion

BEIJING, July 7 (Reuters) - China’s foreign exchange reserves edged up in June for a fifth consecutive month, though by slightly less than market expectations, as capital outflows eased in the face of tighter controls and the dollar’s rally paused.

Reserves ticked up $3 billion during June to total $3.057 trillion, compared with an increase of $24 billion in May to $3.054 trillion.

It was the first time that reserves had climbed for five months in a row since June 2014.

Economists polled by Reuters had expected foreign exchange reserves to rise by $6 billion to $3.06 trillion in June.

China tightened rules on moving capital outside the country in recent months as it sought to support the yuan currency and stem a slide in its foreign exchange reserves.

It burned through nearly $320 billion of reserves last year but the yuan still fell about 6.5 percent against the dollar, its biggest annual drop since 1994.

The yuan has been solid against the dollar in recent weeks amid tighter capital controls and broad-based weakness in the greenback.

The value of gold reserves fell to $73.585 billion at the end of June, from $75.004 billion at end-May, data published on the People’s Bank of China website also showed. (Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong)

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