Views Article – Sharenet Wealth

Asia, Forex

China’s July forex reserves fall to $3.104 trillion

BEIJING, Aug 7 (Reuters) – China’s foreign exchange reserves fell $15.54 billion in July to $3.104 trillion, central bank data showed on Wednesday.

Economists polled by Reuters had expected the country’s reserves, the world’s largest, would fall by $18 billion to $3.101 trillion, likely due to fluctuations in global exchange rates and the prices of foreign bonds that China holds.

China has been able to keep capital outflows under control over the past year despite a bruising trade war with the United States and weakening economic growth at home. But pressure could build after authorities let the yuan slide to 11-year lows this week, following U.S. threats of more tariffs from Sept. 1.

The U.S. government moved subsequently to label China a currency manipulator for the first time since 1994.

The value of China’s gold reserves rose to $88.876 billion at the end of July from $87.27 billion at the end of June.

(Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)

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