China’s foreign reserves register upward trend for third month in a row


BEIJING, May 7 (APP): China’s foreign reserves registered upward
trend for the third month in a row in April.
The foreign reserves jumped to 3.0295 trillion U.S. dollars at the end
of April from 3.0091 trillion dollars a month earlier, signaling eased capital flight pressure, according to statistics from the People’s Bank of China.
The gold reserves of China also increased from 73.7 billion U.S. dollars
by the end of March to over 75 billion U.S. dollars by the end of April.
The State Administration of Foreign Exchange (SAFE) predicted last month that the size of forex reserves would become more stable in the future as the economy maintains relatively fast growth and the country’s current account surplus stays in a reasonable range.
There had been growing concerns about capital flowing out of the Chinese market in the second half of 2016, when the economy was facing looming downward pressures and the Chinese yuan was in the middle of a losing streak against the U.S. dollar.