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China July FX reserves unexpectedly hit nine-month high on boost from weak dollar

Reuters  |  BEIJING 

BEIJING (Reuters) - China's foreign exchange reserves rose twice as much as expected in July to a nine-month high as tighter regulations and a weaker dollar keep capital outflows in check.A dramatic reduction in capital outflows - which are seen as one of China's biggest risks - has helped boost confidence in its economy this year as policymakers preach stability ahead of a key political leadership reshuffle in coming months. China's forex reserves, the world's largest, rose $24 billion in July to $3.081 trillion, compared with an increase of $3.2 billion in June, central bank data showed on ...

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First Published: Mon, August 07 2017. 16:55 IST