August 7, 2015 / 8:22 AM / 4 years ago

UPDATE 1-China's FX reserves fall by $42.5 bln in July

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BEIJING, Aug 7 (Reuters) - China’s foreign exchange reserves, the world’s largest, fell by $42.5 billion in July to $3.65 trillion, central bank data showed on Friday, the sharpest monthly drop since March amid signs of capital outflows.

China’s slowing economic growth and jitters over the stock market turmoil may be behind the bout of capital flight.

The central bank shifted to reporting its foreign exchange reserves on a monthly basis in July after adopting the IMF’s Special Data Dissemination Standard (SDDS).

The bank had previously reported the data on a quarterly basis and published monthly data retrospectively.

The reserves dropped by $36.2 billion in the second quarter to $3.69 trillion - the fourth consecutive quarter of decline, earlier data showed.

The value of China’s gold reserves inched down to $59.24 billion at the end of July from $62.4 billion at the end of June, according to the data published on the bank’s website. It did not give gold reserves in term of tonnage.

China’s gold reserves stood at 1,658 tonnes at the end of June, up 57 percent from the last time it adjusted its reserve figures more than six years ago.

China’s International Monetary Fund (IMF) reserve position stood at $4.37 billion, down from $4.57 billion the previous month. It held $10.5 billion of IMF Special Drawing Rights at the end of last month, unchanged from the previous month. (Reporting by Nicholas Heath, Judy Hua and Kevin Yao; Editing by Richard Borsuk and Prateek Chatterjee)

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