Off The Wire
UPDATE 1-China central bank net FX sales rise for first time in seven months
BEIJING, July 17 (Reuters) - Net foreign exchange sales by China's central bank rose for the first time in seven months in June, though they remained small compared with the end of last year as capital outflows from China have slowed.
The People's Bank of China (PBOC) sold a net 34.3 billion yuan ($5.07 billion) worth of foreign exchange in June, up from 29.3 billion yuan in May, according to Reuters calculations based on central bank data released on Monday.
June's sales were still the second lowest in at least a year, following earlier data showing foreign exchange reserves edged up in June for a fifth consecutive month, in line with market expectations, as capital outflows eased in the face of tighter regulations and the dollar's rally paused. ($1 = 6.7701 Chinese yuan renminbi)
(Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Christian Schmollinger)