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China’s foreign exchange reserves rose in Jan for third straight month

THE WIRE WITH UP-TO-THE-MINUTE UPDATES

China’s foreign exchange reserves increased slightly more than expected in January as the yuan rallied on hopes for progress in China-US trade talks.

China’s reserves rose by $15.2 billion in January to $3.088 trillion, shows data released by the People’s Bank of China on Monday, compared with a rise of $11 billion in December.

Economists polled had expected an increase of $9.3 billion to $3.082 trillion.

The yuan gained 2.6 per cent against the greenback in January on hopes that China and the United States were moving closer to a deal to end their bruising trade war. The greenback has also been pressured by the Federal Reserve’s shift to a more cautious outlook on further interest rate hikes.

The value of China’s gold reserves rose to $79.319 billion from $76.331 billion at the end of December.

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