China's foreign-exchange reserves rose slightly in July amid weakness in the dollar, while its central bank continued to purchase bullion for the 21st straight month.
The hoard of foreign exchange reserves rose by $2.51 billion to $3.419 trillion in July, according to data released Friday by the People's Bank of China. The result was higher than the $3.406 trillion expected by economists surveyed in a Wall Street Journal poll.
China's foreign-exchange regulator attributed the rise to a weakened U.S. dollar and fluctuating global asset prices during the month. The regulator reiterated that the nation's foreign-exchange reserves are expected to remain stable over the long term, supported by China's economic strength.
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(END) Dow Jones Newswires
