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China’s FX reserves rise for first time in 8 months; back above $3trn

Published 03/07/2017, 03:09 AM
© Reuters.  China’s FX reserves rise back above $3trn

Investing.com - China's foreign exchange reserves rose unexpectedly in February, climbing back above the key $3-trillion level, official data showed on Tuesday.

China’s foreign exchange reserves increased by $7.0 billion last month to $3.005 trillion, according to data released by the People's Bank of China.

Analysts were expecting foreign reserves to fall to $2.969 trillion from the prior month’s $2.998 trillion, which was the lowest level since February 2011.

The increase was likely due to recent government efforts to tighten capital movement controls and stabilize the yuan's exchange rate.

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