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Market News

China's July FX reserves rise to $3.081 trillion, more than expected


China's foreign exchange reserves rose more than expected in July to a nine-month high as tighter regulations and a weaker dollar curbed capital outflows. 

Reserves rose $24 billion in July to $3.081 trillion, compared with an increase of $3.2 billion in June. 

Economists polled by Reuters had expected reserves to rise $12 billion. 

It was the first time that China's reserves had climbed for six months in a row since June 2014, and the gain brought them to their highest level since October. 

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 per cent against the surging dollar, its biggest annual drop since 1994. 

 


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