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China Foreign Reserves Unexpectedly Climb to $3.21 Trillion

  • PBOC probably didn’t intervene heavily in currency: economist
  • Yuan seen falling as PBOC favors drop amid fragile sentiment
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China FX Reserves Gain on Yen Rise

Bloomberg News
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China’s foreign-exchange reserves unexpectedly increased as haven assets such as the Japanese yen appreciated amid the U.K.’s decision to leave the EU.

The world’s largest currency hoard rose by $13 billion to $3.21 trillion in June, the People’s Bank of China said in a statement Thursday. That compares with the $3.17 trillion median forecast of economists surveyed by Bloomberg. The yen, which China holds as part of its reserves, advanced by 7.3 percent against the dollar in June.