Thursday, April 15, 2021
Martin Hennecke

China reserves fall amid greenback gains
China's foreign exchange reserves fell more than expected in March, official data showed yesterday, as the dollar posted a gain against a basket of major currencies. The country's foreign exchange reserves - the world's largest - fell US$34.97 billion (HK$272.77 billion) to US$3.17 trillion last month, compared with the US$3.19 trillion expected by a Reuters poll of analysts and US$3.205 trillion in February. Foreign inflows into Chinese stocks and bonds have been strong as China gallops ahead of other major economies in its recovery from the Covid-19 pandemic. The yuan fell 1.28 percent against the dollar in March, while the dollar rose 2.52 percent in March against a basket of other major currencies. China held 62.64 million fine troy ounces of gold at the end of March, unchanged from the end of February. The value of China's gold reserves fell to US$105.93 billion at the end of March from US$109.18 billion at the end of February. In other news, retail sales during the Qingming holiday grew 17.8 percent as compared with the three-day holiday a year ago, while tourism sales surged 189.2 percent, data from the State Administration of Taxation showed yesterday.

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