China FX reserves rise for fourth consecutive month
PBoC figures show $24 billion increase, resulting in fourth monthly reading above $3 trillion
China’s foreign exchange reserves rose for the fourth consecutive month in May, as tight capital controls and a weaker US dollar helped to stem outflows from the mainland.
Figures published on June 7, by the People’s Bank of China (PBoC), show FX reserves increased by $24 billion to $3.054 trillion at the end of May – up from $3.03 trillion in April and higher than the forecast of $3.046 trillion expected by analysts.
May’s data represents the fourth straight monthly increase in FX reserves
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