BEIJING: China's foreign-exchange reserves rose unexpectedly in May because of changes in asset prices, even as the yuan weakened on worries over ...
BEIJING: China's foreign-exchange reserves rose unexpectedly in May because of changes in asset prices, even as the yuan weakened on worries over an escalation in Sino-US tensions, and regulators say the country's economic potential ensures stability ahead.
The surprise gain was due to changes in exchange rates and asset prices, China's State Administration of Foreign Exchange said in a statement, without elaborating. Foreign inflows into Chinese stocks and bonds have picked up recently as investors bet on an economic rebound. Strict capital controls have also largely helped China keep outflows under control over the past year despite the shock from the coronavirus outbreak, a prolonged trade war with the United States and weakening economic growth.The yuan fell 1.0 per cent against the dollar in May, while the dollar fell about 0.78 per cent in May against a basket of other major currencies.
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