Economy

China's reserves rise for 4th month

China's reserves rise for 4th month

The reserves climbed for the fourth consecutive month by US$24 billion to US$3.05 trillion by the end of May, data by the People's Bank of China showed yesterday.

China's foreign exchange reserves jumped to a seven-month high at the end of May on curbed capital outflows and a weakened U.S. dollar, giving Beijing ammunition to defend the yuan, the South China Morning Post reports.

The Chinese controls could face a new test if the U.S. Federal Reserve decides at a meeting next week to raise interest rates.

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"China's introducing of "countercyclical factor" to adjust the way it calculates the yuan's daily reference rate against the dollar has also boosted the market's confidence on yuan, and further improved the capital flow situation, thus promoting the rebound in forex reserves." said Liu.

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. Late a year ago, the net outflow was tens of billions of dollars a month, which prompted Beijing to step up scrutiny of proposed foreign investments and ban some activities by individual investors.

China's forex reserves shrank by US$320 billion previous year when the yuan weakened 6.5 percent against the United States dollar.

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