China’s foreign exchange reserves rose in February, surprising analysts by breaking an eight-month string of declines and offering the latest evidence that a stable renminbi and tighter capital controls are succeeding in staunching capital outflows.
China’s currency weakened by a record 6.5 per cent against the dollar in 2016 amid unprecedented capital outflows. In response, the central bank sold dollars from its reserves to relieve pressure on the currency. Foreign exchange reserves fell below $3tn for the first time in five years in January.
But they rose by $6.9bn to reach $3.01tn at the end of February, the central bank said yesterday. Analysts had expected a decline of $25bn, according to a Reuters poll.
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