July 7, 2020 / 8:22 AM / a month ago

China's June forex reserves rise to $3.112 trillion

FILE PHOTO: A sign for foreign currency exchange is seen at a branch of the ICBC bank in Beijing, China, January 3, 2017. REUTERS/Thomas Peter

BEIJING (Reuters) - China’s foreign exchange reserves rose less than expected in June as the yuan strengthened and global asset prices rebounded amid a recovery in economic sentiment.

The country’s foreign exchange reserves - the world’s largest - rose $10.64 billion (£8.52 billion) in June to $3.112 trillion, central bank data showed on Tuesday.

Economists polled by Reuters had expected the country’s reserves to rise by $18.31 billion to $3.120 trillion.

Foreign inflows into Chinese stocks and bonds have picked up recently as investors bet on an economic rebound. Strict capital controls have also largely helped China keep outflows under control over the past year despite the shock from the coronavirus outbreak, a prolonged trade war with the United States and weakening economic growth.

The yuan CNY=CFXS rose 0.99% against the dollar in June, while the dollar fell about 0.97% in the same month against a basket of other major currencies =USD.

China held 62.64 million fine troy ounces of gold at the end of June, unchanged from 62.64 million ounces at end-May.

The value of China’s gold reserves rose to $110.76 billion at the end of June from $108.29 billion at end-May.

Reporting by Judy Hua and Kevin Yao; Editing by Jacqueline Wong

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