Forex reserves fall to $3.11t in May

The nation's foreign exchange reserves slipped for the second consecutive month in May to $3.11 trillion, down by $14.2 billion or 0.46 percent from a month earlier, according to central bank data on Thursday.

The country's reserves have till now dropped by $50.8 billion from the year's peak in January, amid a strong US dollar trend, said the People's Bank of China, the central bank.

Release of the data came at a time when expectations were rife that the monetary authority might have taken measures to limit the extent of the yuan's weakening against the greenback by depletion of foreign exchange reserves, and the trend is expected to continue, as the US Federal Reserve hinted at the probability of an interest rate hike next week.