China’s foreign exchange reserves rose in April for a 3rd straight month beating market expectations as capital controls and a pause in the dollar’s rally helped with capital outflows coming out of China. Reserves rosed $US 21 billion in April to $3.03 trillion compared with an increase of $3.96 billion in March to $3.009 trillion.
Harry Triguboff, the country’s richest man and director of Meriton is expected to finance about $200 million of the $1.4 billion worth of apartment sales this year as Chinese buyers are struggling with tougher currency controls to get money into Australia. China has tightened rules on moving capital outside of the country in recent months as it seeks to support the Yuan and stem a slide in its foreign exchange reserves.
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Local market will be keen for the delivery of Annual Budget on Tuesday by Treasurer Morrison.
DATA RELEASES THIS WEEK:
AUD – Building Approvals m/m, NAB Business Confidence & ANZ Job Advertisements m/m
CNY – Trade Balance
AUD – Retails Sales & Annual Budget Release
ECB President Draghi Speaks
USD – Crude Oil Inventories
NZD – Official Cash Rate
GBP – BOE Inflation Report, MPC Official Bank Rate Votes, Monetary Policy Summary & Official Bank Rate
USD – CPI m/m, Core CPIU m/m, Retail Sales m/m & Prelim UoM Consumer Sentiment
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