August 07, 2024 08:22 GMT
MNI BRIEF: China FX Reserves Up 1.1% Since June
MNI (Beijing)
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China’s foreign exchange reserves reached USD3.25 trillion at the end of July, up 1.1% since the end of June, China's State Administration of Foreign Exchange said on Wednesday.
Reserves had increased due to changes in conversion rates and asset prices, a statement on the administration's website said, noting the outlook for China’s economic operation and foreign currency reserves was generally stable.
The People’s Bank of China is likely to keep its onshore yuan fixing at levels no stronger than 7.10 to the dollar in coming weeks to limit volatility and cap further sharp appreciation. (See MNI: PBOC Seen Capping Yuan Fixing At 7.10 After Rally)
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