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Economy

Chinese foreign exchange reserves rise to $ 3.1017 trillion in May

Beijing / China’s foreign exchange reserves increased in May to 3.1017 trillion dollars (2.75 trillion euros) compared to 3.0915 trillion dollars (2.74 trillion euros) the previous month, the State Administration reported of Currencies (SAFE).

The increase is equivalent to 10,233 million dollars (9,602 million euros).

Analysts quoted by the specialized portal Trading Economics considered the rise to 3.1017 trillion dollars “unexpected”.

“It is the highest figure since February, despite the weakening of the yuan (the Chinese currency, whose official name is renminbi) at a time of concern about the growing tensions between Washington and Beijing,” they said.

On the other hand, the value of Chinese gold reserves reached 108,292 million dollars (95,901 million euros) in May, compared to 160,666 in April, equivalent to 94,461 million euros. (May 8, 2020, EFE / PracticaEspañol)

(Automatic translation)

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