China’s foreign exchange reserves reached $3.2853 trillion at the end of May, marking an increase of $3.6 billion or 0.11 percent compared to the end of April, according to official data released Saturday by the State Administration of Foreign Exchange (SAFE).
The administration stated that the increase was due to the combined effects of currency exchange rate movements and changes in asset prices.
May marked the fifth consecutive month of growth in foreign exchange reserves this year. According to SAFE data the reserves increased by $6.6 billion in January, $18.2 billion in February, $13.441 billion in March, $41 billion in April, and $3.6 billion in May, media outlet eastmoney.com reported.
The statement also highlighted that China’s economy continues to recover and improve, with the quality of economic development steadily enhancing—providing strong support for maintaining the stability of the country's foreign exchange reserves.
