China's FX Reserves Dipped On Stronger Dollar In June-Times

China's foreign exchange reserves declined by USD56.5 billion on month to USD3.07 trillion by end-June, as the U.S. dollar index rose sharply and global asset prices fell, Securities Times reported citing Wang Chunying, deputy head of the State Administration of Foreign Exchange. A 2.9% appreciation of the dollar index in June may have bitten USD30 billion of China’s non-dollar-denominated assets, while the decline in equity assets may exceed USD10 billion amid falling bond and stock markets globally, the newspaper said citing Wen Bin, chief economist of Minsheng Bank. FX reserves will likely keep fluctuating slightly in July, as major central banks continue to hike rates, the newspaper said citing Zheng Houcheng, director of Yingda Securities Research Institute.