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News

China’s forex reserves return to (slight) growth

  • Author:naky
  • Source:www.diecastingpartsupplier.com
  • Release on :2016-07-08
After dipping in May, China’s foreign exchange reserves have risen, if only just.

Overall reserves grew to $3.205tn in June, according to new data from the People’s Bank of China, up from $3.191tn in May and besting a consensus forecast from economists of $3.167tn.

The June reading marked a relatively quick return to growth and marks another month on the upswing since April, when reserves rose for the first time since October. But gains look shaky at best.

Policymakers have been forced to dip into forex reserves following the central bank’s announcement of a new exchange-rate fixing regime last August, with further jitters following introduction of a high-profile currency basket in December to shift focus away from the dollar exchange rate.

Calculations by the Financial Times based on official data showed that as of last month the central bank had spent about $473bn in foreign exchange reserves since its announcement in August 2015.