China’s foreign exchange reserves rose above the $3 trillion mark in February again, the first rise in eight months.
Analysts said the trend of yuan depreciation may be reversed this year if China’s economic fundamentals continue to improve.
The country’s foreign exchange reserves rose by $6.92 billion in February to $3.005 trillion, the first increase since June 2016, data from the People’s Bank of China, the central bank, showed on Tuesday.
In January, the reserves fell to $2.998 trillion, sparking heated discussions as to whether they would continue to fall and become inadequate for guarding the country’s financial stability. The February rebound may ease such concerns, analysts said.
The rise in the reserves was partly due to the domestic economic recovery and higher exports in February, said Ren Zeping, chief economist at Founder Securities Co.
(China Business News)
0 comments: