Published: Tue, August 08, 2017
Markets | By Noel Gibbs

China's Forex Reserves Rise For Sixth Straight Month

China's Forex Reserves Rise For Sixth Straight Month

BEIJING-China's foreign-exchange reserves rose for a sixth straight month in July, underscoring Beijing's success in keeping money from moving offshore with some help from a weaker USA dollar.

The latest official figures show that China's foreign exchange reserves increased to a nine-month high in July in what analysts say is a result of tighter regulations and a weaker dollar.

Economists polled by Reuters had expected reserves to rise $12 billion.

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Both diplomats spoke to the AP on condition of anonymity because they were not authorized to discuss the issues publicly. China has strongly opposed what it calls interference by countries outside the region in the South China Sea issue.

China's exports and imports grew more slowly than expected in July, raising concerns over whether global demand is starting to cool even as major Western central banks consider scaling back their massive stimulus programmes.

China's trade surplus in July widened to $46.74 billion from $42.77 billion the previous month, largely matching a median forecast for a $46.4 billion surplus.??

Export growth was unexpectedly strong in the first half of the year, a positive sign for Chinese leaders who want to avoid job losses in trade-related industries.

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China tightened rules on moving capital outside the country in recent months as it sought to support the yuan currency and stem a slide in its foreign exchange reserves.

With the steady yuan exchange rate, purchases of foreign exchange by households and companies have become more rational, the State Administration of Foreign Exchange said in a statement Monday accompanying the reserves data.

The United State and China failed last month to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over Mr Trump's economic and security relations with Beijing.

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In yuan terms, exports rose 11.2% and imports advanced 14.7%.

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