May 7, 2018 / 8:13 AM / 2 months ago

China April FX reserves fall to $3.125 trln

BEIJING, May 7 (Reuters) - China’s foreign exchange reserves fell more than expected in April as the U.S. dollar rebounded and on growing signs that Chinese regulators are less worried about capital flight.

Reserves fell $17.97 billion in April to $3.125 trillion, compared with a rise of $8.34 billion in March, central bank data showed on Monday.

Economists polled by Reuters had expected reserves to drop around $10 billion in April to $3.133 trillion.

Capital flight was seen as a major risk for China at the start of 2017, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy.

In recent weeks, authorities have announced a series of moves which suggest they are less worried about capital outflows, including allowing Chinese investors to put more money into global financial markets.

At the same time, China has moved to give foreign investors more access to its equity, bond and commodity futures markets, which will help support the yuan.

The value of China’s gold reserves fell to $77.788 billion at the end of April, from $78.419 billion at the end of March. (Reporting by Kevin Yao and Cheng Fang; Editing by Jacqueline Wong)

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