China’s foreign exchange reserves rose last month for the first time since October as downward pressure on the renminbi eased.
Reserves rose to $3.212tn in March, according to new data from the People’s Bank of China. Analysts had expected a drop of $6bn from February, when reserves stood at $3.202tn.
The real (albeit modest) rise of $10bn may help ease concerns over China’s foreign exchange reserves, which fell dramatically following the central bank’s announcement a new exchange-rate fixing regime in August. The surprise announcement led to confusion in global markets and a sudden devaluation against the dollar for China’s currency as capital outflows surged on expectations of further currency depreciation.
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