China's foreign-exchange reserves rose for a fifth straight month in June, official data showed Friday, as stringent capital control measures and a weaker U.S. dollar helped arrest outflows.
The reserves increased by $3.22 billion from the previous month to $3.057 trillion following a gain of $24.03 billion in May, according to figures from the People's Bank of China.
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While the data showed another gain, the increase was smaller than an $11 billion rise forecast by economists polled by The Wall Street Journal.
In a bid to shore up the yuan and smooth out fluctuations, the central bank tweaked its mechanism for setting the yuan's daily rate against the dollar in May. The PBOC also moved to sharply increase the yuan's level against the dollar in the daily fix at the beginning of June following Moody's downgrade of China's sovereign-debt rating at the end of May.
A weaker dollar helps increase the valuation of China's reserves held in foreign currencies.
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(END) Dow Jones Newswires
July 07, 2017 04:24 ET (08:24 GMT)