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

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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