Forex re­serves in mod­est rise

The Star Early Edition - - BUSINESS REPORT -

CHINA’S for­eign ex­change re­serves rose mod­estly in May for a fourth straight month and by more than mar­kets had ex­pected, as strin­gent cap­i­tal con­trol mea­sures and a weak­en­ing dol­lar helped staunch out­flows. Re­serves rose $24 bil­lion (R306.36bn) in May to $3.054 tril­lion, com­pared with an in­crease of $21bn in April to $3.03trln, cen­tral bank data showed yes­ter­day. It was the first time that re­serves had climbed for four months in a row since June 2014. Econ­o­mists polled had ex­pected re­serves to rise $10bn to $3.04trln. China has tight­ened rules on mov­ing cap­i­tal out­side the coun­try in re­cent months as it seeks to sup­port the yuan cur­rency and stem a slide in its for­eign ex­change re­serves. – Reuters

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