trade war

China June FX reserves unexpectedly rise amid trade war fears

MNA Business Desk: China’s foreign exchange reserves unexpectedly rose in June, driven by changes in the value of its holdings and even as concerns of a full-blown trade war between Beijing and the Washington rattled markets.

Reserves rose $1.51 billion in June to $3.112 trillion, compared with a drop of $14.23 billion in May, central bank data showed on Monday, reported news agency.

Economists polled by news agency had expected reserves to drop by $10.6 billion to $3.10 trillion.

The small increase in reserves was due asset price changes, the State Administration of Foreign Exchange (SAFE) said in a statement.

The Chinese currency and equity markets had been on edge ahead of July 6, when US tariffs on $34 billion worth of Chinese goods kicked in. Beijing has retaliated with tariffs on US products of the same value.


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