July 8, 2019 / 1:13 AM / 2 months ago

CORRECTED-UPDATE 1-China's June forex reserves rise to $3.119 trillion

(Corrects June rise to $18.23 bln, not $182.3 bln in paragraph 1)

SHANGHAI, July 8 (Reuters) - China’s foreign exchange reserves rose $18.23 billion in June to $3.119 trillion, central bank data showed on Monday.

Economists polled by Reuters had expected China’s reserves, the world’s largest, would rise $2 billion to $3.103 trillion as hopes for a trade truce with the United States helped to ease downward pressure on the yuan currency.

The yuan has been very sensitive to developments in the year-long China-U.S. trade dispute, which has increased pressure on an already slowing Chinese economy.

Leaders from both countries agreed a ceasefire in late June while talks resumed, but existing tariffs remained in place.

The value of China’s gold reserves rose to $87.27 billion from $79.83 billion at the end of May.

China’s State Administration of Foreign Exchange (SAFE) said the rise was due to changes in currency conversion rates and asset prices.

Despite a complex global economic situation, the resilience and opening up of China’s economy will support stability in its foreign exchange market, SAFE said in a statement. (Reporting by Stella Qiu in Beijing; Josh Horwitz and Samuel Shen in Shanghai; Editing by Jacqueline Wong and Darren Schuettler)

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