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TEHRAN, April 08 -China’s foreign exchange reserves rose slightly in March as broad U.S. dollar weakness continued and escalating trade tensions between the world’s two largest economies bolstered expectations of a firmer Chinese currency.
TEHRAN, Young Journalists Club (YJC)-China’s foreign exchange reserves rose slightly in March as broad U.S. dollar weakness continued and escalating trade tensions between the world’s two largest economies bolstered expectations of a firmer Chinese currency.
Reserves rose $9 billion in March to $3.143 trillion, compared with a drop of $27 billion in February, central bank data showed on Sunday.
Economists polled by Reuters had expected reserves to increase by around $6 billion in March to $3.14 trillion.
Capital flight was seen as a major risk for China at the start of 2017, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy.
Last year China’s reserves rose for the first time since 2014 and its cross-border capital flows went from net outflows to basically stable.
China’s foreign exchange regulator said in late March it expected cross-border capital flows to remain basically stable this year.
Source:Reuters
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