Home business Continued increase in China's foreign exchange reserves

Continued increase in China's foreign exchange reserves

Continued increase in China's foreign exchange reserves

Reuters

JASON LEE

Beijing

China's foreign exchange reserves increased in March 2019, five consecutive months, as optimism about an American-Chinese trade agreement grew.

Chinese reserves, the largest in the world, rose by nearly $ 9 billion to $ 3,099 trillion in March, according to data released by the Central Bank of China on Sunday.

The yuan fell 5.3 percent against the dollar last year, when trade relations with the United States deteriorated and the Chinese economy slowed down.

But the yuan has recovered by more than 2 percent since early 2019, hoping that Washington and Beijing will reach an agreement that will end their trade war and overshadow the fear of slower economic growth.

In March, the yuan retreated by 0.3 percent against the dollar, as the US currency grew 1 percent stronger than a major currency basket.

Gold reserves in China fell slightly at the end of February to $ 78.525 billion from $ 79.988 billion.

Source: Reuters

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