In March, China's foreign reserves jumped by $10 billion for the first time in past four months as yuan gained about 1.15% on average.
China's foreign exchange reserves rose in April to $3.22 trillion, central bank data showed on Saturday, marking a second monthly rise this year and suggesting the central bank is easing off its interventions as capital outflows ease.
The People's Bank of China will stick to its long-standing prudent stance and keep the yuan currency CNY=CFXS basically stable, the bank said in its first-quarter monetary policy implementation report.
China is slated to release monthly economic data including trade, inflation and production from Sunday, offering fresh signals of the sustainability of its economic growth.
Traders in the currency markets bet against the dollar, as the mixed economic data deemed hopes of rate hike in the U.S. in Fed's June meeting. "A second month of rising reserves shows fears of cascading capital outflows are disappearing into the rear view mirror", state-run Xinhua news agency said, citing a research note by Bloomberg economists Tom Orlik and Fielding Chen.
Central bank governor Zhou Xiaochuan said at a G20 conference in April that the foreign exchange market had stabilized, with the yuan's recent trend reflecting market supply and demand and holding steady against a basket of currencies.
The AgBank has said it could lose as much as 3.9 billion yuan from a similar fraud.
In the past two months, China mostly boosted yuan fixing to catch up gains against the falling dollar.
Chinese officials are also studying the introduction of a currency trading tax to penalize speculators, as well as seeking to ease capital rules for foreign institutional investors to buy onshore stocks and bonds. But many analysts and economists believe dollar assets make up about half of the stockpile, followed by those denominated in the euro and yen.
Mr. Zhu at UOB Kay Hian put the valuation increase of China's reserves at about $16 billion last month.
Twitter revenue misses estimates on weak ad spending
Twitter shares skidded 10.7 percent at $15.84 in after-hours trading, extending their slump over the past two years. The company also called out its partnership with GoPro to enable their cameras to broadcast directly on Periscope.
- ^ Twitter revenue misses estimates on weak ad spending (bsccomment.com)
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