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China's Foreign Exchange Reserves Continued Falling in March -- Update

04/07/2021 | 02:51am EDT

BEIJING--China's foreign-exchange hoard fell for the third straight month in March, according to official data released Wednesday.

The People's Bank of China said the nation's foreign-exchange reserves dropped $34.96 billion to $3.170 trillion at the end of March.

The result was lower than the $3.175 trillion expected by economists polled by The Wall Street Journal.

China's foreign-exchange regulator said Wednesday that the reserves decline was due to the rising U.S. dollar index and changes in asset prices.

The State Administration of Foreign Exchange reiterated that despite the uncertainty in the global financial market and its economic recovery, China's economic growth could help stabilize its foreign exchange reserves.

Write to Singapore editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

04-07-21 0451ET

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