China's foreign exchange reserves rose to a new record in the first quarter, confirming the hand of the central bank in the recent weakening of the renminbi.
Official data released on Tuesday showed China's FX reserves jumped $129bn in the first three months of the year, to hit an all-time high of $3.95tn, writes the FT's Josh Noble in Hong Kong.
The ramp up in reserves coincided with a rapid fall in the renminbi against the US dollar, which many had attributed to deliberate action from the People's Bank of China.
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