China’s foreign exchange reserves, the largest in the world, rose by $31.7 billion (0.9%) in May compared to the previous month, reaching $3.442 trillion—the highest level since October 2015, according to a statement from the People’s Bank of China. The yuan appreciated by 0.95% against the U.S. dollar last month, while the U.S. dollar appreciated by 0.85% against a basket of major world currencies.
Gold reserves stood at 74.96 million ounces at the end of May, compared to 74.64 million ounces a month earlier. The Chinese central bank has been buying the precious metal for the nineteenth consecutive month.
In value terms, gold reserves decreased to $340.75 billion from $344.17 billion at the end of April.
