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China fx reserves rise by $21 bln in April to $3.03 trillion
May 7, 2017 / 2:38 AM / 7 months ago

China fx reserves rise by $21 bln in April to $3.03 trillion

BEIJING, May 7 (Reuters) - China’s foreign exchange reserves rose in April for a third straight month, beating market expectations, as capital control measures and a pause in the dollar’s rally helped staunch capital outflows.

Reserves rose $21 billion during April to a total of $3.03 trillion, compared with an increase of $3.96 billion in March to $3.009 trillion.

Economists polled by Reuters had expected foreign exchange reserves to rise by $11.0 billion to $3.02 trillion in April.

China has tightened rules on moving capital outside the country in recent months as it seeks to support the yuan currency and stem a slide in its foreign exchange reserves.

It burned through nearly $320 billion of reserves last year but the yuan still fell about 6.5 percent against the dollar, its biggest annual drop since 1994.

The yuan’s performance against the dollar has been steady in recent weeks after the dollar lost its upward momentum.

In April, U.S. President Donald Trump backed away from labelling China a currency manipulator after a meeting with Chinese President Xi Jinping, and attacked the dollar saying the greenback was “getting too strong” and would eventually hurt the economy.

Gold reserves rose to $75.02 billion at the end of April, from $73.7 billion at end-March, data published on the People’s Bank of China website also showed. (Reporting by Ben Blanchard and Stella Qiu; Editing by Nick Macfie)

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