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China’s forex reserves rise more than expected in July to US$3.154 trillion
- China’s foreign exchange (forex) reserves – the world’s largest – rose US$42.06 billion in July to US$3.154 trillion, central bank data shows
- China held 62.64 million fine troy ounces of gold at the end of July, unchanged from the end of June
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China’s foreign exchange reserves rose more than expected in July as the dollar weakened and the yuan firmed as the world’s second-largest economy showed further signs of recovery.
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China’s foreign exchange reserves – the world’s largest – rose US$42.06 billion in July to US$3.154 trillion, central bank data showed on Friday.
Economists polled by Reuters had expected the country’s reserves to rise by $12.67 billion to $3.125 trillion, likely due to fluctuations in global exchange rates and the prices of foreign bonds that China holds.
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.
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The yuan rose 1.3 per cent against the faltering dollar in July, while the dollar fell about 4 per cent last month against a basket of other major currencies.
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