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China's May forex reserves rise to US$3.22 trillion

China's May forex reserves rise to US$3.22 trillion

FILE PHOTO: Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/Illustration

BEIJING: China's foreign exchange reserves, the world's largest, rose more than expected in May, official data showed on Monday, as the U.S. dollar weakened.

The data showed China's foreign exchange reserves rose US$23.62 billion to US$3.22 trillion last month, compared with US$3.208 trillion seen in a Reuters poll of analysts and US$3.198 trillion in April.

Foreign inflows into Chinese stocks and bonds have been strong as China gallops ahead of other major economies in its recovery from the coronavirus pandemic.

The yuan rose 1.6per cent against the dollar in May, while the dollar fell 1.6per cent during that month against a basket of other major currencies.

China held 62.64 million fine troy ounces of gold at the end of May, unchanged from the end of April. The value of China's gold reserves rose to US$119.02 billion at the end of May from US$110.73 billion at the end-April.

(Reporting by Judy Hua and Kevin Yao; Editing by Gareth Jones)

Source: Reuters

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