China forex reserves surge

BEIJING: China’s foreign exchange reserves rose in May for a fourth consecutive month and by more than markets had expected, as stringent capital control measures and a weakening in the dollar helped staunch outflows.

Reserves rose US$24bil in May to a seven-month high of US$3.054 trillion, compared with an increase of US$21bil in April to US$3.030 trillion, central bank data showed yesterday.