Caixin reports that China’s foreign exchange reserves, the world’s largest, increased for the second straight month in March, after unexpectedly bouncing back to above the $3 trillion psychological “comfort level” in February, official data showed Friday. The country’s stockpile of foreign currency rose by $4 billion to $3.0091 trillion last month from $3.0051 in February. The rise in reserves in March shows that capital outflow pressure is continuing to ease on a better economic outlook, and changes to China’s foreign-currency stockpile are stabilizing, the State Administration of Foreign Exchange (SAFE) said in a statement on its website accompanying the data release. SAFE also attributed the rise in part to favorable currency valuations, as other currencies such as the euro and Japanese yen strengthened against the dollar.
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