China's April forex reserves drop for first time in 6 months

China
# 07 May 2019 16:26 (UTC +04:00)

China’s foreign exchange reserves unexpectedly fell for the first time in six months in April, despite recent data that suggested the world’s second-largest economy is starting to steady in response to stimulus measures, ONA reports citing Reuters.

The decline in China’s reserves, the world’s largest, was modest, however, falling $3.81 billion last month to $3.095 trillion, central bank data showed on Tuesday.

Economists had expected reserves would rise $1.24 billion to $3.1 trillion. For much of last year, global investors worried about the risk of capital flight from China as the economy cooled, and debated how much Beijing would allow the yuan currency to weaken, though strict capital controls kept outflows in check.

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