(Bloomberg) -- China's foreign-currency holdings rose last month, signaling that capital outflow pressures remain muted.
- Reserves climbed to $3.112 trillion from $3.102 trillion in the previous month, the People's Bank of China said on Tuesday.
Key Insights
- The reading is lower than the median estimate of $3.119 trillion in a Bloomberg survey of economists
- The value of gold reserves rose again to $110.8 billion
- Table: China's End-June Forex Reserves at $3.1123 Trillion
- “Capital outflow pressures may have eased a bit, as the yuan appreciated against the dollar by 1.1% last month,” Wang Tao, chief China economist at UBS Group AG in Hong Kong, wrote in a note before the data release. “We estimate June's valuation effect from reserve currencies' movement was a gain of $9 billion.”
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- “The depreciation of the greenback and rising asset prices of major economies have pushed up the size of reserves, according to a statement from SAFE
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With assistance from Bloomberg
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