FX Reserves Tick Up in June

Good news for the weak yuan faction in the Chinese government: reserves increased despite a weaker yuan.

CNBC: China June forex reserves unexpectedly rise but outflow fears persist
China's foreign exchange reserves rose $20 billion in June to $3.21 trillion, recovering from a five-year low in May, central bank data showed on Thursday. June's increase was the biggest in 14 months.

Economists polled by Reuters had predicted reserves would fall $20 billion to $3.17 trillion, reckoning on sharp drops in the value of China's sterling and euro holdings following Britain's shock vote last month to leave the European Union.

But the turmoil which followed also boosted safe-haven currencies such as the dollar and the yen.

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