China’s forex reserves rise for third straight month
BEIJING - China’s forex reserves rose for the third month in a row in April. Data from the People’s Bank of China shows reserves climbing to US$3.0295 trillion at the end of April, up from US$ 3.0091 trillion a month earlier and up 0.7% month on-month.
This was the first time since June 2014 that reserves had expanded for three consecutive months, and in a statement the Administration said the size of forex reserves would become more stable as the economy maintains steady expansion and the foreign exchange rate stays in a reasonable range.
The State newsagency, Xinhua, said concern was growing about capital flowing out of the Chinese market in the second half of 2016, when the economy was facing looming downward pressure and the yuan was in the middle of a losing streak against the dollar.
$n January, China’s forex reserves declined below the informal benchmark of USD 3 trillion for the first time since February 2011. However, concerns about capital outflows have receded, Xinhua said, with the Chinese economy on a firmer footing, supported by a string of upbeat data for industrial profits, factory activity and fixed-asset investment. www.webershandwik.cn (ATI).