China’s foreign-exchange reserves fell more than expected in June amid increased expectations of capital outflow as the U.S. Federal Reserve raised rates.
The country’s hoard of foreign exchange stood at $3.071 trillion at the end of June, down $56.51 billion from a month earlier, according to data released by the People’s Bank of China on Thursday.
Economists expected China’s forex reserves at $3.105 trillion at the end of June, according to a poll of economists by The Wall Street Journal. Emerging economies are expected to experience capital outflows as the Federal Reserve moved to increase interest rates to rein in soaring inflation.
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(END) Dow Jones Newswires
July 07, 2022 04:36 ET (08:36 GMT)
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