BEIJING (dpa-AFX) - China's foreign exchange reserves declined in July as the dollar strengthened against major currencies, data from the People's Bank of China showed Wednesday.
Reserves decreased to $3.104 trillion at the end of July from $3.119 trillion in June. The expected level was $3.11 trillion.
It seems more likely that the PBoC largely refrained from forex intervention last month, as it has done for most of the past two years, Julian Evans-Pritchard and Martin Lynge Rasmussen, economists at Capital Economics, said.
The resumption of PBOC FX sales is a distinct possibility in the coming months since, with no clear anchor for the exchange rate, markets are likely to continue to test the PBOC's tolerance for currency weakness, the economist added.
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