China FX reserves rise for sixth consecutive month

PBoC figures show $24 billion increase, bringing the total stockpile of reserves to a nine-month high

Redback rising: the yuan appreciated by 3.22% against the dollar this year; last year it fell 6.6%

China’s foreign exchange reserves rose for the sixth consecutive month in July, as tight capital controls and a weaker US dollar helped to stem outflows from the mainland.

Figures published on August 7 by the People’s Bank of China (PBoC) show FX reserves increased by $24 billion to $3.081 trillion at the end of July, up from $3.056 trillion in June – twice as much as analysts expected.

July’s data represents the sixth consecutive monthly rise in FX reserves, which stand at their highest level

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