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China's Forex Reserves Drop to 3-Month Low

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03/06/2020 | 10:05pm EDT

BEIJING -- China's foreign-exchange reserves dropped in February due to a stronger U.S. dollar and disruptions from the coronavirus epidemic on its foreign trade.

The country's hoard of foreign exchange decreased by $8.78 billion on month to a three-month low of $3.107 trillion at the end of February, according to data released by the People's Bank of China Saturday.

Economists polled by The Wall Street Journal had expected a $10 billion fall in reserves in February after they rose $7.6 billion in January.

The reserve decrease reflected higher treasury prices in major economies and an appreciation in the U.S. dollar last month, the State Administration of Foreign Exchange said in a statement explaining the results.

The global economy and financial markets face increased uncertainties, the regulator said, adding the impact from the epidemic on China's economy should be short-lived.

The U.S. dollar index climbed 0.79% in February after rising 0.95% in January, according to Wind. Weaker Chinese exports should have resulted in a shrinking trade surplus, contributing to smaller reserves, economists have said.

Liyan Qi

 

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED -0.70% 2.83 End-of-day quote.-15.02%
EURO / US DOLLAR (EUR/USD) 0.04% 1.11069 Delayed Quote.-1.21%
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