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在线翻译:
szdaily -> Business_Markets -> 
Foreign exchange reserves fall to 5-month low
    2018-05-09  08:53    Shenzhen Daily

THE country’s foreign exchange reserves in April fell more than expected to a five-month low as the U.S. dollar rebounded and on growing signs that Chinese regulators are less worried about capital flight.

Reserves fell US$17.97 billion in April to US$3.125 trillion — the lowest since November 2017, compared with a rise of US$8.34 billion in March, central bank data showed Monday.

Economists polled previously had forecast reserves would drop around US$10 billion in April to US$3.133 trillion, with a stronger U.S. dollar versus other currencies expected to depress the value of China’s dollar-denominated reserves.

The fall in non-dollar currencies against the U.S. dollar and correction in asset prices led to the small reserves drop in April, said the State Administration of Foreign Exchange (SAFE), China’s foreign exchange regulator.

“The drop reflected almost exclusively the valuation effect of a firmer U.S. dollar in April,” said Andy Ji, currency strategist at Commonwealth Bank of Australia in Singapore.

“In other words, there are no signs of capital outflows at the current juncture.”

But Julian Evans-Pritchard at Capital Economics said he believed China’s current account returned to a healthy surplus in April from a seasonal deficit in March, implying a sharp reversal in capital flows from net inflows to net outflows.

“This is nothing to worry about, however. Such volatility in net cross-border flows is not uncommon at this time of year and net outflows look to have remained well within regulators’ comfort zone,” he said.

The dollar index, measuring it against other major currencies, rose 2 percent last month.

Last year, China’s reserves rose for the first time since 2014 and its cross-border capital flows went from net outflows to basically stable.

China’s foreign exchange regulator said in April that any potential impact on its cross-border capital flows stemming from Sino-U.S. trade frictions can be controlled.(SD-Agencies)

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