China's Foreign Exchange Reserves Fell in June

China's foreign exchange reserves fell $7.8 billion in June after rising for two straight months, according to data released Wednesday by the People's Bank of China.

The nation's foreign exchange reserves stood at $3.214 trillion at the end of June, down from $3.222 trillion at the end of May, said the PBOC.

The drop was smaller than the $22 billion decline expected by economists polled by The Wall Street Journal.

China's foreign-exchange regulator said the decline in reserves was a result of the devaluation of non-dollar assets amid the dollar's appreciation and rising values of financial assets in major economies.

The State Administration of Foreign Exchange said trading on the foreign-exchange markets was rational and China's stable economy could help stabilize the nation's foreign-exchange reserves.

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  (END) Dow Jones Newswires
  07-07-21 0456ET
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