China’s forex reserves stages recovery after record fall

State Administration of Foreign Exchange (SAFE) attributed the rebound to the increased value of forex reserves' investment.

By: PTI | Beijing | Published: March 7, 2017 7:41 pm
China's economy, China's economy in 2017, China Economy news, latest news, China news, China Business news, Business in China news, latest news, China news, world news, International business news China’s forex reserves rose slightly in February, expanding for the first time since June, according to an official data released on Tuesday. (Representational Image)

China’s forex reserves rose slightly in February, expanding for the first time since June, according to an official data released on Tuesday. The country’s outstanding forex reserves, the world’s largest, stood at USD 3.0051 trillion by the end of last month, up from USD 2.9982 trillion a month earlier, People’s Bank of China said.

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The rebound came after January’s decline sent the country’s forex reserves below the closely watched USD 3 trillion mark for the first time since February 2011.

State Administration of Foreign Exchange (SAFE) attributed the rebound to the increased value of forex reserves’ investment, though major currencies continued to weaken against the greenback in February.

China’s forex reserves tend to stabilise despite fluctuations, as pressure from capital outflows is expected to ease with the country’s economic growth momentum continuing to improve, SAFE said in a statement on its website.

The country’s gold reserves also climbed from USD 71.29 billion in January to USD 74.38 billion at the end of last month.

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