China’s foreign-exchange reserves in June registered their biggest monthly increase in more than a year—up $13.4 billion to $3.21 trillion, while the yuan fell almost 1% last month, The Wall Street Journal reports. The consensus was that reserves would fall, but the increase is likely because China holds fewer British pounds or more Japanese yen than expected. The rise was largely cosmetic with the Japanese yen climbing almost 7% last month. But an estimated $170 billion of yuan has, according to Goldman Sachs, gone to the offshore Hong Kong market since last October. Put another way, since last October, about $500 billion net has flowed out. That is 50% more than the $330 billion implied by central bank data, according to Goldman Sachs.