China’s foreign exchange reserves rose for a seventh straight month in August thanks to a weaker U.S. dollar and Beijing’s continued capital controls, official data showed Thursday.
Reserves increased by $10.81 billion from the month before to $3.092 trillion, following a gain of $24 billion in July, figures from the People’s Bank of China showed. Economists polled by The Wall Street Journal had expected a $19 billion gain in August.
Recent dollar weakness has helped pushed up the value of non-dollar currencies and assets in the holdings of China’s central bank.
Beijing’s tight rules on moving money out of the country are also reducing capital outflows and limiting falls in its forex stockpile.
China has the largest trove forex reserves in the world.
Source: Dow Jones