China’s forex reserves rebound in June

2018-07-09
Xinhua

BEIJING — China’s foreign exchange reserves stood at $3.1121 trillion at the end of June, up 0.05 percent from May, official data showed on July 9.

The amount, beating market forecasts of $3.1028 trillion, came after two months of decline, according to the People’s Bank of China (PBOC).

The State Administration of Foreign Exchange (SAFE) attributed the rise in June to a stable forex market at home, dollar strength and fluctuating asset prices.

The economy has been stable this year with good momentum for growth. Sound economic fundamentals have stabilized market expectations and cross-border capital flows, the SAFE said on its website.

The forex regulator said as the country pursues supply-side structural reform, innovation-driven development, reform and opening-up, its potential for stable economic growth can ensure stability in the forex market.

SAFE warned of external uncertainties, especially those originating in the United States, but expected forex reserves to stay generally stable.

According to the PBOC, gold reserves were unchanged in June at 59.24 million ounces, equivalent to $74 billion.