China’s FX reserves unexpectedly inch higher in June

Total reserves stockpile increases by $1.5 billion against the backdrop of a weaker yuan and escalating trade dispute

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Mixed fortunes: despite trade wars weighing on the yuan, June saw a surprise rise in FX reserves

China’s foreign exchange reserves unexpectedly inched higher in June, reversing the declines of the previous two months, despite the renminbi hitting a fresh one-year low against the dollar amid escalating trade tensions with the US.

Despite analyst expectations of a $10 billion decline, reserves rose $1.5 billion to total $3.11 trillion in June, according to figures from the People’s Bank of China, published on July 9. The margin increase followed declines of $14.23 billion in May and $17.96

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