China's foreign exchange reserves rose more than expected in April, as the dollar continued to weaken against other major currencies. Reserves increased by $41 billion last month to $3.282 trillion, while reserves stood at $3.241 trillion in March.
Chinese authorities have approved a range of stimulus measures, including interest rate cuts and ample liquidity injections, as Beijing ramps up efforts to mitigate economic damage from the trade war with the United States. The move comes after the Chinese currency rallied to a six-month high, buoyed by the liquidation of interest trading on foreign assets (margins), a wider influx of U.S. assets, and a return to Asia.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
