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China’s forex reserves unexpectedly bounced back

China’s foreign exchange reserves unexpectedly rebounded in May, easing market concerns about capital outflows amid the yuan’s depreciation, also suggesting the authority didn’t burn through its reserves to prop up the yuan.

The country’s foreign exchange reserves rose $6 billion in May to $3.101 trillion, central bank data showed on Monday.

The rise in May was due to valuation effects and changes in asset prices, said the State Administration of Foreign Exchanges (SAFE) in a statement accompanying the data.

Economists polled by Reuters had forecast China’s foreign reserves would fall by US$5 billion . . .

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