China FX reserves rebound for first time in eight months

PBoC figures show a rise of $6.9 billion in February, pushing the total above $3 trillion

Chinese garden
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China’s foreign exchange reserves rebounded above the psychological $3 trillion threshold in February – the first rise in eight months – as tighter capital controls are paying off in limiting capital outflows from the country.

Figures published today by the People’s Bank of China (PBoC) show FX reserves rose by $6.9 billion to $3.01 trillion at the end of February, against a drop of $25 billion expected by analysts.

Last month’s numbers signal the first increase in the stockpile of reserves, f