(Yicai Global) July 10 -- Yuan stabilization has driven China's foreign exchange (forex) reserves up for the fifth month in a row.
China's forex reserves grew for the fifth consecutive month to reach USD3.056789 trillion in June, a monthly increase of USD3.2 billion, the People's Bank of China (PBOC) reported July 7.
China's foreign exchange reserves have now stayed buoyed at over USD3 trillion for five consecutive months.
PBOC also released data on official reserve assets at the end of June, which showed gold reserves at USD73.59 billion, a monthly drop of USD1.42 billion, or valued at 5,924 million ounces, a level they have stayed at for nine consecutive months.
China's cross-border capital flows are stabilizing and maintained sound momentum in June, and forex supply and demand were basically balanced, said an official with China’s forex regulator. In the international financial market, non-dollar currencies appreciated against the dollar with slight changes in asset prices, which caused a diversification effect between invested currencies and assets, thus helping propel China's forex reserves to a modest rise.