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- China's foreign exchange reserves unexpectedly fell in April
China's foreign exchange reserves unexpectedly fell in April
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.
Reserves edged down $3.81 billion last month to $3.095 trillion, the People's Bank of China said. Economists had forecast the world's largest pile of reserves would rise $1.24 billion to $3.1 trillion.
The small drop in April was due to a firmer U.S. dollar and changes in prices of global assets that China holds, the foreign exchange regulator said. In April, the yuan dropped 0.24% against the U. S. dollar as the latter rose nearly 0.3% against a basket of currencies, according to Wind.
Cross-border capital flows will be basically stable in future, the State Administration of Foreign Exchange said. China's foreign exchange reserves climbed by $22.24 billion in the first four months of this year, after dropping $67.24 billion in 2018.
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