China’s foreign exchange reserves fall by $ 3.071 trillion in June more than expected | Reuters

Foreign exchange reserves in June announced by the People’s Bank of China (Central Bank) were down $ 56.5 billion to $ 3.071 trillion. The photo is the national flag of China. Taken in Beijing in May 2019 (2022 Reuters / Jason Lee)

[Beijing 7th Reuters]–The People’s Bank of China (Central Bank) announced on the 7th that foreign exchange reserves in June were down $ 56.5 billion to $ 3.071 trillion.

As the dollar rose against major currencies, it fell more than expected.

The market forecast compiled by Reuters is $ 3.13 trillion. May was $ 3.128 trillion.

Foreign exchange reserves fell $ 178.9 billion in the first half of this year. We are approaching the $ 3 trillion milestone.

The National Foreign Exchange Administration said in a statement that the 1.8% decline in foreign exchange reserves in June was primarily a reflection of the valuation effect. Concerns over inflation and economic growth prospects have raised the dollar and plunged international asset prices.

“Currently, global economic growth is slowing, inflation remains high, and international financial market volatility is rising. The external environment is becoming more complex and harsh,” he said. He said foreign currency reserves would be generally stable against the backdrop of certain economic fundamentals and long-term potential growth.

The yuan fell 0.4% against the dollar in June. The dollar index rose 2.9%.

Gold reserves as of the end of June were 62.64 million troy ounces, unchanged from the end of the previous month. In dollar terms, it was 113,820 million dollars, down from 115,180 million dollars at the end of the previous month.

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