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China's forex reserves down in May

Xinhua | Updated: 2023-06-08 09:30
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A clerk counts yuan bank notes and US dollar bills at a branch of the Industrial and Commercial Bank of China in Huaibei, East China's Anhui province. [Photo/IC]

BEIJING -- China's foreign exchange reserves came in at $3.18 trillion at the end of May, down 0.88 percent from a month earlier, according to the State Administration of Foreign Exchange on Wednesday.

The foreign exchange regulator attributed the decrease in foreign exchange reserves to the combined impact of currency translation and asset price changes.

Affected by the fiscal and monetary policy expectations of major economies, as well as global macroeconomic data, the US dollar index rose and prices of global financial assets fluctuated last month, the regulator said.

It noted that China's foreign exchange reserves are expected to remain generally stable as China's economy continues to recover.

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