Forex reserves rise amid stabilizing economy

China's foreign exchange stockpile expanded for the fourth month in a row in May, after capital flight pressure eased and the value of the renminbi strengthened.

Forex reserves stood at $3.05 trillion at the end of May, an increase of $24 billion from the figure recorded at the end of April, the State Administration of Foreign Exchange said.

SAFE attributed the continuous rise of forex reserves to stable cross-border capital flows and appreciation of non-dollar assets following a weaker dollar.