China's Forex Reserves Increase In July

China's Forex Reserves Increase In July

Corrected second paragraph

China's foreign exchange reserves increased in July, figures from People's Bank of China showed Tuesday.

Reserves rose by $5.82 billion to $3.12 trillion in July. Reserves were forecast to remain at $3.11 trillion.

More likely, the increase simply reflects valuation effects from a rise in the price of the foreign bonds held by the PBoC, Julian Evans-Pritchard, an economist at Capital Economics, said.

That said, today's figures do suggest that the PBoC probably did not deploy its FX reserves to defend the renminbi last month, the economist added.

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