China’s forex reserves rose slightly in February, expanding for the first time since June, official data showed on Tuesday.
The country’s outstanding forex reserves stood at 3.0051 trillion U.S. dollars by the end of last month, up from 2.9982 trillion dollars a month earlier, according to data from the People’s Bank of China.
The rebound came after January’s decline sent the country’s forex reserves below the closely watched 3-trillion-dollar 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 stabilize 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 71.29 billion dollars in January to 74.38 billion dollars at the end of last month. – CRI