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Bloomberg
China’s foreign-currency holdings rose for a fifth month as lower government bond yields in developed markets lifted valuations.
Reserves increased by $8.58 billion to $3.0988 trillion in March, the People’s Bank of China said on Sunday.
The reading compares with $3.09 trillion from the previous month and the median estimate of $3.09 trillion in a Bloomberg survey of economists.
“Rising prices of developed markets’ government bonds likely contributed to some positive valuation effect,†although weaker foreign currencies caused some loss to the value, according to Wang Tao, chief China economist at UBS Group AG in Hong Kong.