China foreign reserves climb to US$3.21 trillion

BEIJING: China’s foreign-exchange reserves unexpectedly increased as haven assets such as the yen appreciated amid the UK’s decision to leave the EU.

The world’s largest currency hoard rose by US$13bil to US$3.21 trillion in June, the People’s Bank of China said in a statement yesterday. That compares with the US$3.17 trillion median forecast of economists surveyed by Bloomberg. The yen, which China holds as part of its reserves, advanced by 7.3% against the dollar in June.