China’s foreign exchange reserves rise for sixth consecutive month

BEIJING - China’s foreign exchange reserves increased for the sixth straight month in July, hitting the highest level since October, official data shows, as the Government continues its crackdown on capital outflows and a weaker dollar boosted the value of assets denominated in other currencies.

The reserves, the world’s largest, rose to US$3.0807 trillion in July, up from US$3.0568 trillion in June, data published by the People’s Bank of China (PBOC) showed. The increase of US$23.9 billion was the second-highest this year and compared with a gain of US$3.22 billion in June, Caixin reported..

The State Administration of Foreign Exchange (SAFE) attributed the increase to a weakening of the U.S. dollar and stable cross-border capital flows.

“Non-dollar currencies generally appreciated against the dollar in international financial markets, pushing up foreign exchange reserves denominated in the dollar,” SAFE said in a statement issued after the data release.  www.webershandwick.cn (ATI).