China forex reserves inch higher in March

Renminbi call: the consensus among forecasters contributing to FX Week is for USD/CNY to trade at 7.13 in 12 months’ time

China’s foreign exchange reserves rose slightly in March, as capital controls and a stronger yuan against the US dollar reduced capital outflows from the mainland.

Figures published on April 7 by the People’s Bank of China (PBoC) show forex reserves rose by $3.96 billion to $3.009 trillion at the end of March, up from $3.005 trillion last month and only marginally below the $3.01 trillion expected by analysts.

Foreign exchange reserves rose for the second consecutive month in March, following