Analysts at TD Securities note that China’s FX reserves rose to $3.11tn at the end of June from 3.110tn previously.

“We wouldn’t read too much into the rise in reserves in June. The bulk of the $18.23bn increase was according to our calculations, due to valuation effects, with only $0.51bn attributable to an actual increase in reserves. China’s FX reserves valuation was boosted by a weaker USD over the month, with for example the EUR gaining 1.83%.”