BEIJING--China's foreign-exchange reserves unexpectedly rose in April as stimulus policies world-wide boosted asset prices in major economies amid the coronavirus pandemic, following March's fall which was the largest monthly drop in more than three years.
The country's hoard of foreign exchange increased by $30.83 billion to $3.091 trillion at the end of April, according to data released by the People's Bank of China on Thursday.
Economists polled by The Wall Street Journal had expected a $9 billion fall in reserves in April. In March, China's foreign-exchange reserves fell by $46.09 billion.
April's uptick in reserves was a result of higher asset prices and a weakening U.S. dollar, which drove up the valuations of non-dollar assets, China's foreign-exchange regulator said.
The U.S. dollar dropped 0.58% against the Chinese yuan last month. The U.S. dollar index rose 0.05% in April, compared with a 0.85% gain in March, according to information-provider Wind.
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