Forex reserves rise
Print Edition
CHINA’S foreign exchange reserves increased in the second quarter as the trade surplus and foreign direct investment more than offset capital outflows amid the yuan’s depreciation.
The world’s biggest foreign exchange reserves added US$41.9 billion in the second quarter to US$3.99 trillion by the end of June, the People’s Bank of China said yesterday.
Zhu Haibin, chief economist of JP Morgan, said the combined foreign exchange inflow from trade and direct investment was US$117.7 billion in the second quarter, indicating capital inflows from other sources.
Factoring in the depreciation of the yuan, the average monthly outflow of capital was US$17.1 billion, compared with an average monthly inflow of US$26.2 in the first quarter, Zhu said.
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