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Friday, April 7, 2017, 17:24

China March FX reserves rise slightly

By Agencies

China March FX reserves rise slightly
A teller counts yuan banknotes at a bank in China. (Provided to China Daily )

BEIJING - China's foreign exchange reserves rose slightly in March as capital control measures and a pause in the dollar's rally helped contain capital outflows.

Reserves rose US$3.96 billion during March to total US$3.009 trillion, compared with an increase of US$6.92 billion in February, when reserves rebounded to US$3.005 trillion, rising for the first time in eight months.

Economists polled by Reuters had expected foreign exchange reserves to rise by $5 billion to $3.01 trillion in March.

READ MORE: China's forex reserves still abundant

The March increase marks the first time reserves had increased two consecutive months since April 2016.

The March increase marks the first time reserves had increased two consecutive months since April 2016

The State Administration of Foreign Exchange (SAFE), the foreign exchange regulator, said last week that pressure from capital outflows eased somewhat in 2016 and there will be greater flexibility in the yuan's exchange rate in 2017.

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The foreign exchange regulator also said that authorities will take measures to attract capital inflows this year.

In February, China's central bank sold the smallest amount of foreign exchange in nine months, supporting the government's assertions that capital outflows were easing amid tighter scrutiny of cross-border flows.

Gold reserves value fell to US$73.74 billion at the end of March, from US$74.376 billion at end-February, data published on the People's Bank of China website also showed.

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