China’s foreign exchange reserves rose for a fifth straight month in March, increasing nearly $9 billion in the month to $3.099 trillion, its highest since August, according to central bank figures, said the South China Morning Post.
The increase exceeded expectations, as the economists polled by Reuters had expected the reserves to rise by $5 billion to $3.095 trillion.
“The US dollar index strengthened slightly in March due to the China-US trade talks, the revised policy outlooks of central banks in Europe and America, as well as uncertainty over Brexit … China’s forex reserves expanded marginally,” China’s State Administration of Foreign Exchange said after the data release.
The foreign exchange regulator also said that it projects China’s foreign exchange reserves will remain stable due to China’s efforts to maintain reasonable growth of the economy and improve the flexibility of the RMB exchange rate.
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